MTN Reduces Mobile Money Withdrawal Fees.

Posted: 2021-05-04T14:31:01Z Read: 237 times
MTN Reduces Mobile Money Withdrawal Fees.
  • MTN’s new Mobile Money withdrawal fees went into effect on Saturday 1st May 2021.

  • In addition to the reduced rates, customers also get MTN Senkyu points for withdrawing mobile money as well as using other MTN MoMo services

  • The reduced MTN Mobile Money withdrawal rates are some of the lowest in the country, and together with the Senkyu Points benefits, MTN MoMo offers the best value for mobile money customers across Uganda.

MTN Uganda has today announced the reduction of its Mobile Money withdrawal fees. The change took effect on Saturday 1st May 2021.


The reduced withdrawal rates coupled with the Senkyu points that one earns when withdrawing money makes these the best and most affordable withdrawal rates in the country.


At a press conference held at Hotel Africana this morning 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 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,” 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 UGX 5,000 deposited on MTN MoMo, a customer gets one Senkyu point and two Senkyu points for every UGX 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. 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