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MTN REDUCES MOBILE MONEY WITHDRAWAL FEES

Stephen Mutana while addressing the press at the MoMo withdrawal price cut press conference.

By Khasacha Mwene

MTN Uganda on Monday May 3, 2021 announced the reduction of its Mobile Money withdrawal fees. The change took effect on Saturday May 1, 2021. At a press conference held at Hotel Africana Monday morning to announce the new reduced Mobile Money withdrawal rates, Mr. Stephen Mutana, the General Manager of Mobile Financial Services at MTN Uganda, said the 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,” Mr. Mutana said. He further noted that the overall agenda of Mobile Money is to promote a cashless economy and advance the numerous benefits that come with a digital life.

“Therefore, by making Mobile Money fees more affordable, we as a country can easily move towards achieving a safe, efficient and affordable way of putting money in the hands of millions of Ugandans,” Mr. Mutana said. 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 Shs5,000 deposited on MTN MoMo, a customer gets one Senkyu point and two Senkyu points for every Shs100 a customer is charged when they send or withdraw mobile money. This is a unique benefit available to only MTN customers.

Mr. 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. Details available at www.mtn.co.ug/momorates.

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*The 0.5% tax on the amount withdrawn is not included in the computation of the withdrawal fees

  (For comments on this story, call, text or whatsapp us on 0705579994, 0779411734, 0200900416 or email us at mulengera2040@gmail.com).

Stephen Mutana launched the MTN MoMo Withdrawal Price cut.

 

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