Business

Airtel Money slashes transaction fees to other Networks by 95%

This means it will now cost customers shs 1000/- to send money from Airtel to other networks in Uganda and to Airtel customers in East Africa creating new opportunities for the development of the East African Financial Sector.

Airtel Mobile Commerce Uganda Limited (AMCUL) Managing Director, Japheth Aritho (2nd R), Airtel Uganda PR Manager, David Birungi (L), Pamela Nakityo (2nd L), Head Alternative Deposits at AMCUL, and AMCUL Head Marketing, Connie Nankya (R) during a photo moment.

KAMPALA, UGANDA: Airtel Mobile Commerce Uganda Limited (AMCUL) has announced a 95% drop in Airtel Money charges for transactions across other networks. Additionaly, the company also announced a 78% reduction in Airtel Money charges to other Global Networks.

This means it will now cost customers shs 1000/- to send money from Airtel to other networks in Uganda and to Airtel customers in East Africa creating new opportunities for the development of the East African Financial Sector.

Announcing these new developments, Airtel Money’s Managing Director, Japheth Aritho said, “Interoperability has been a challenge to the growth of Digital financial inclusion. We made a pledge to build a sustainable business that shares value within the community. This price reduction is informed by our commitment to building Uganda and Africa, our home.

Mr Aritho added, “AMCUL’s mandate is to offer affordable and borderless transactions in Uganda and across the globe via the Airtel Money platform. We are pleased to announce up to 78% reduction in charges for global transactions as we continue to reduce barriers to financial inclusion.”

A customer sending One million to Airtel Kenya will now pay UGX 1000/= instead of the UG 52,100/= making huge savings from the reduced charges. This gives value to the customer and makes Uganda competitive.

According to a Market Research Report (2017) by Financial Sector Deepening Program (FSDP), the demand for interoperability by end users of financial services was high, even though faced with high charges. Most respondents indicated sending (98%) and receiving (97%) money across networks (off-net) as being important or necessary.

Almost all end-users were willing to send (96%) and receive (97%) across networks and 69% were willing to pay slightly more for these services than they would do for transactions on the same network. They did feel, however, that this cost should be less than it currently is 1.

“AMCUL will continue, without differentiation, to extend the frontiers of e-commerce to all Ugandans, their partners, and families across the globe. I would like to extend our gratitude to our partners, especially the media, for keeping the financial inclusion discussion on the agenda.”

Aritho added that this campaign is open until 15th March 2023.

Transaction Charges to Other Networks

FromToOld ChargeNEW Charge
                        –                     500               330                  100
                     501                 1,000               330                  100
                 1,001                 2,500               330                  100
                 2,501                 5,000               440                  500
                 5,001               15,000               700                  500
               15,001               30,000               880                  500
               30,001               45,000            1,210                  500
               45,001               60,000            1,500                  500
               60,001             125,000            1,925               1,000
             125,001             250,000            3,575               1,000
             250,001             500,000            7,000               1,000
             500,001         1,000,000         12,500               1,000
         1,000,001         2,000,000         15,000               1,000
         2,000,001         4,000,000         18,000               1,000
         4,000,001         5,000,000         20,000               1,000

Transaction Charges to Airtel East Africa and Other Global Networks

FromToOld ChargeSending to Airtel East AfricaSending to Other International Networks
                500           900        100 330
                501             1,000           900        100 330
             1,001             2,500       1,000        100 440
             2,501             5,000       1,300        500 700
             5,001           15,000       1,500        500 880
           15,001           30,000       1,800        500 1,210
           30,001           45,000       2,100        500 1,500
           45,001           60,000       3,000    1,000 1,925
           60,001        125,000       4,500    1,000 3,575
        125,001        250,000       8,500    1,000 7,000
        250,001        500,000     17,500    1,000 12,500
        500,001     1,000,000     31,700    1,000 12,500
     1,000,001     2,000,000     52,100    1,000 12,500
     2,000,001     4,000,000     52,100    1,000 12,500
     4,000,001     5,000,000     58,000    1,000 12,500

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