BUSINESS: MTN Slashes MoMo Withdrawal Charges


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

Kampala – MTN Uganda has, on Monday, 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 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
5002,5003306
2,5015,0004408
5,00115,00070014
15,00130,00088016
30,00145,0001,21024
45,00160,0001,50030
60,001125,0001,92538
125,001250,0003,57570
250,001500,0007,000140
500,0011,000,00012,500250
1,000,0012,000,00015,000300
2,000,0014,000,00018,000360
4,000,0007,000,00020,000400
*The 0.5% tax on the amount withdrawn is not included in the computation of the withdrawal fees

End

Subscribe for notification