MTN reduces Mobile Money withdrawal fees
MTN Uganda has reduced its Mobile Money withdrawal fees. The change took effect on Saturday 1st May 2021.
At a press conference to announce the new reduced Mobile Money withdrawal rates, Stephen Mutana, the General Manager of Mobile Financial Services at MTN Uganda said that this move is aimed at bolstering financial inclusion across the country and to further enhance the benefits customers get when they choose MTN MoMo.
"We appreciate that many people rely on MTN MoMo to facilitate various aspects of their lives and therefore believe that this reduction in withdrawal fees increases the benefits that have made mobile money such a transformative service over the years," Mutana said.
He said the overall agenda of Mobile Money is to promote a cashless economy and advance the numerous benefits that come with a digital life.
In addition to the reduced rates, MTN customers have the unique opportunity of getting MTN Senkyu loyalty points when they deposit, send, and withdraw MTN Mobile Money. For every Shs 5,000 deposited on MTN MoMo, a customer gets one Senkyu point and two Senkyu points for every Shs 100 a customer is charged when they send or withdraw mobile money. This is a unique benefit available to only MTN customers.
Mutana encouraged all MTN customers to keep transacting using Mobile Money but cautioned them to beware of conmen by keeping their MoMo PINs secret among other precautions.
The new MTN MoMo withdrawal rates below are applicable at all MTN MoMo agent outlets countrywide.
| Amount (UGX) | Withdrawing from Agent*
(UGX) |
Senkyu Points | ||
| Min | Max | |||
| 500 | - | 2,500 | 330 | 6 |
| 2,501 | - | 5,000 | 440 | 8 |
| 5,001 | - | 15,000 | 700 | 14 |
| 15,001 | - | 30,000 | 880 | 16 |
| 30,001 | - | 45,000 | 1,210 | 24 |
| 45,001 | - | 60,000 | 1,500 | 30 |
| 60,001 | - | 125,000 | 1,925 | 38 |
| 125,001 | - | 250,000 | 3,575 | 70 |
| 250,001 | - | 500,000 | 7,000 | 140 |
| 500,001 | - | 1,000,000 | 12,500 | 250 |
| 1,000,001 | - | 2,000,000 | 15,000 | 300 |
| 2,000,001 | - | 4,000,000 | 18,000 | 360 |
| 4,000,000 | - | 7,000,000 | 20,000 | 400 |
| *The 0.5% tax on the amount withdrawn is not included in the computation of the withdrawal fees | ||||
