MTN cuts Mobile Money Withdrawal Fees

Telecom giants MTN Uganda have today announced the reduction of its Mobile Money withdrawal fees. The change took effect on Saturday 1^st 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.

“In addition to the reduced #MTNMoMo rates, you also get #MTNSenkyu points for withdrawing mobile money as well as using other MTN MoMo services,” MTN announced in a tweet

Stephen Mutana, the General Manager of Mobile Financial Services at MTN Uganda says 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.

“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,” said Mutana.

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.