Telecommunications giant; MTN Uganda yesterday introduced new mobile money withdraw rates, and these were set to be effected from yesterday 2nd November, 2020.

In a post by MTN Uganda on their socials, they were also keen on emphasizing on the point of customers keeping their PIN private/ secret and never share it with anyone. As per the communication, 0.5% was to be charged on withdrawal transactions.

The new rates are deducted basing on how the customers hass been transacting. For instance; few customers seem to be making transactions between UGX2,000,001 to UGX4,000,000. Its old withdraw rate was UGX25,000 and its new rate is UGX19,000 making a difference of UGX6,000.

While looking at other transactions, the differential rate is not much compared to that of UGX2,000,001 to UGX4,000,000. Meanwhile, the rates of UGX500 to UGX2,500 remains the same at a withdraw rate of UGX350.

Charges are levied on withdraws as per the mobile money tax that was introduced in 2018 by the Government in 2018 along with the levy on OTT services as part of the Excise Duty (Amendment) Bill 2018; and this would see 1% being levied on mobile money transactions. The revised charges by MTN will see customers be charged 0.5% per withdraw transaction.

Do remember that the charges are cut directly from your account/ phone, therefore you are not to pay the agent after any transaction. Here are the new rates.

Visit the MTN Uganda site for more info here.

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