Lyca Money is LycaMobile Uganda’s upcoming mobile money offering and is regulated by the Bank of Uganda just like other telcos and is currently under testing internally. Mobile Money is an electronic mobile financial service that allows users to deposit and store e-money, send, and receive money on mobile wallets linked to their mobile SIM Card numbers. It is a convenient alternative to bank accounts and can be used on basic phones as well as smartphones. With well-established mobile money services like MTN Mobile Money, Airtel Money, Safeboda, Wave, etc, does Lyca Money stand a chance?
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To register, go to a Lyca Mobile Store with your original Identification Documents to be assisted by an Agent to acquire a new sim card with the Mobile Money Services. Existing Lyca Mobile customers just need to dial *165# to get started. The user will receive a One Time PIN (OTP) through a delivered SMS and a prompt requiring an input of OTP followed by another prompt to set your 4-digit PIN.
There are several services available for Lyca Money customers. These include the following:
- Send and receive Money.
- Deposit and withdraw money from authorized Lyca Money Agents.
- Wallet to Bank services.
- ATM cardless withdrawal.
- Payment for the Lyca Mobile Postpaid Services Bills.
- Purchase Lyca Mobile airtime, Voice, and Data Service bundles for yourself and others.
- Pay utility bills.
- Pay taxes to URA and license fees property rates to the city and municipal authorities.
Lyca Money transaction costs & rates
The minimum Transaction Amount for Lyca Money is UGX 500 and the maximum single transaction account is UGX 3,000,000. You can have a maximum wallet balance per day of up to UGX 10,000,000 which is the same amount as the maximum Transaction amount per day. There is no word on the withdrawal rates yet as the product is still under test and not yet launched officially.
Lyca Money users can send money to people on any network within Uganda and can use mobile money services even if one has no airtime credit. Where applicable, the charges and fees are deducted from your Mobile Money wallet.
If one sends money to the wrong number, they are advised to immediately call the company’s Customer Care on 100. Once the case has been lodged, Lyca Money will endeavor to reverse the funds back to the sender. This process takes 24 hrs. Lyca Mobile says that they will not be liable if the funds have already been withdrawn by the receiving party or sent from one person to another subsequently. In any case, the funds will be less than the applicable taxes either from the receiving party, or your mobile wallet.
Subscribers can also transfer money to selected banks. The bank to wallet protocol is handled when someone registers for the service with your bank. However, using Lyca Money, you can push money from your mobile wallet to your bank account by selecting the available banking institutions available on the product menu.
