MORE

    MTN Uganda reduces mobile money withdraw charges

    With effective from 2nd November 2020 MTN Uganda reduced the withdraw rates. Subscribers do not need to pay any Mobile Money agent after a transaction. Fees are deducted directly from your phone. MTN did not explain the reduction in fees but the move is expected to shore up its transaction volumes.

    - Advertisement -

    For instance, MTN will now charge UGX 13,000 down, from UGX 13,750 for withdrawing between UGX 500,001 and UGX 1,000,000. Those withdrawing between UGX 30,001 and UGX 45,000 will pay UGX 1,300 from UGX1,350 charged previously.

    Min (UGX)Max (UGX)Old rates (UGX)New rates (UGX)
    5002,500350350
    2,5015,000480450
    5,00115,001770750
    15,00130,000970950
    30,00145,0001,3501,300
    45,00160,0001,6501,600
    60,001125,0002,1502,050
    125,001250,0003,9503,750
    250,001500,0007,7007,350
    500,0011,000,00013,75013,000
    1,000,0012,000,00018,50016,000
    2,000,0014,000,00025,00019,000
    4,000,0017,000,00025,00022,000

    URA attributed this to the “fact that high-value clients withdraw their funds to agency banking.” MTN Uganda revealed to URA that its mobile money transactions had dropped as customers turned to banks to avoid the tax.

    - Advertisement -

    “MTN has had a drop of 36% in mobile money transaction values in the first half of the financial year 2019/20. In addition, other clients are adopting the use of mobile money as a mode of payment for services as opposed to withdrawing for cash,” URA said in a report.

    Both the tax and the high fees by telecom companies made it too expensive for high-value clients to withdraw mobile money using the platform.

    - Advertisement -

    IN THIS STORY STREAM

    Techjaja Staff
    Techjaja Staff
    A Techjaja 'bot' Profile

    Fresh Tech

    Jumia Uganda Launches Black Friday 2025 with “Masanyalaze” in it

    Jumia Uganda has officially kicked off its Black Friday...

    Airtel Africa’s Half-Year Results Spotlight East Africa Growth

    Airtel Africa has reported consistently strong results for the...

    Code Forces’ Teleka App shines at Absa GirlCode Hackathon 2025

    Code Forces, a dynamic team from Makerere University, clinched...

    Pearl Bank, Stanbic Bank integrate Wendi and FlexiPay to digitize finance

    Pearl Bank Uganda — formerly PostBank Uganda — and...

    Let’s talk about the Samsung Galaxy XR

    In the ever-evolving world of spatial computing, where virtual...
    - Advertisment -

    Discover more from Techjaja

    Subscribe now to keep reading and get access to the full archive.

    Continue reading