By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Lifestyle UgandaLifestyle Uganda
  • Home
  • News
    • International News & Politics
    • Education
    • Sports
    • Money & Finance
    • Mobile and Telecommunication
    News
    Lifestyle Uganda brings you the latest news and information on Africa, Wizkid, Azawi, and Eddy Kenzo right from the heart of the industry.
    Show More
    Top News
    Lycamobile Uganda, Lycamobile Uganda: 4 Most Frequently Asked Questions & Answers
    Lycamobile Uganda: 4 Most Frequently Asked Questions & Answers
    5th November 2021
    John Blaq, Who is John Blaq: Biography, Profile and Life Story of Kashada John
    Who is John Blaq: Biography, Profile and Life Story of Kashada John
    19th September 2020
    Mark Forster, Maro, Maurice Kirya Help German singer Mark Forster Cross Over With “Chip In”
    Maro, Maurice Kirya Help German singer Mark Forster Cross Over With “Chip In”
    17th November 2018
    Latest News
    $10,000 Donated by Exness to Help 2022 Nigerian Flood Victims
    20th January 2023
    Former Brazilian Minister of Sports Pele Died at the Age of 82
    30th December 2022
    37 Visa Exempt Countries to Uganda: A Complete List
    7th December 2022
    Who is Patrick Oboi Amuriat: Biography, Early Life, Family, Education, Career and Controversies
    28th November 2022
  • Business
  • Entertainment
    • Music
    • Celebrity
    • Biography
    • Lifestyle
      • Fitness
      • Pop Culture
      • Recipes
      • Travel/Culture
    Entertainment
    With Lifestyle Uganda Entertainment you will be able to get the latest news from Uganda, Nigeria, Kenya, South Africa entertainment, celebrity gossip, films, TV shows,…
    Show More
    Top News
    Lycamobile Uganda, Lycamobile Uganda: 4 Most Frequently Asked Questions & Answers
    Lycamobile Uganda: 4 Most Frequently Asked Questions & Answers
    5th November 2021
    John Blaq, Who is John Blaq: Biography, Profile and Life Story of Kashada John
    Who is John Blaq: Biography, Profile and Life Story of Kashada John
    19th September 2020
    Parents magazine, Bobi Wine and Barbie Share First Joint Cover on Parents Magazine in Kenya
    Bobi Wine and Barbie Share First Joint Cover on Parents Magazine in Kenya
    3rd November 2018
    Latest News
    Nominations for the 2023 Oscars: Tems Nominated for Lift Me Up
    25th January 2023
    London’s Tottenham Hotspur Stadium to Host Massive Wizkid Show
    24th January 2023
    Tickets, Lineup, and Dates for Afro Nation Portugal 2023
    23rd January 2023
    Winners of the All Africa Music Awards 2022/2023: Burna Boy, Davido
    21st January 2023
  • Fashion
    • Beauty Trends
    • Accessories
    • Hair
    • Lipstick
    • Makeup
    • Skincare
    FashionShow More
    nikita kering fenty ambassador, Rihanna’s Fenty Beauty Appoints Nikita Kering As Brand Ambassador
    Rihanna’s Fenty Beauty Appoints Nikita Kering As Brand Ambassador
    1st June 2022
    balenciaga cryptocurrency payments, Fashion Label Balenciaga to Accept Cryptocurrency Payments in the U.S.
    Fashion Label Balenciaga to Accept Cryptocurrency Payments in the U.S.
    28th May 2022
    2022 met gala, See Nicki Minaj, Hillary Clinton, Elon Musk, Alicia Keys and More at the 2022 Met Gala
    See Nicki Minaj, Hillary Clinton, Elon Musk, Alicia Keys and More at the 2022 Met Gala
    3rd May 2022
    judith miss environment africa, Judith Heard wins Miss Environment Africa International in India
    Judith Heard wins Miss Environment Africa International in India
    4th April 2022
    judith heard miss environment, Miss Environment International 2022: Judith Heard arrives in India
    Miss Environment International 2022: Judith Heard arrives in India
    22nd March 2022
  • Health & Living
  • Tips & Advice
Search
© 2023 Lifestyle Uganda. All Rights Reserved.
Reading: MTN Uganda Cuts Withdrawal Rates on Its Mobile Money Service
Share
Sign In
Notification Show More
Latest News
ashwagandha, Ashwagandha: What Is It and How Does It Work?
Ashwagandha: What Is It and How Does It Work?
Health & Living
tems nomination oscars, Nominations for the 2023 Oscars: Tems Nominated for Lift Me Up
Nominations for the 2023 Oscars: Tems Nominated for Lift Me Up
Entertainment Music
wizkid tottenham hotspur stadium, London’s Tottenham Hotspur Stadium to Host Massive Wizkid Show
London’s Tottenham Hotspur Stadium to Host Massive Wizkid Show
Entertainment Music
afro nation portugal 2023, Tickets, Lineup, and Dates for Afro Nation Portugal 2023
Tickets, Lineup, and Dates for Afro Nation Portugal 2023
Entertainment Music
all africa music awards, Winners of the All Africa Music Awards 2022/2023: Burna Boy, Davido
Winners of the All Africa Music Awards 2022/2023: Burna Boy, Davido
Entertainment Music
Aa
Lifestyle UgandaLifestyle Uganda
Aa
  • Home
  • News
  • Business
  • Entertainment
  • Health & Living
Search
  • Home
  • News
    • International News & Politics
    • Education
    • Sports
    • Money & Finance
    • Mobile and Telecommunication
  • Business
  • Entertainment
    • Music
    • Celebrity
    • Biography
    • Lifestyle
  • Fashion
    • Beauty Trends
    • Accessories
    • Hair
    • Lipstick
    • Makeup
    • Skincare
  • Health & Living
  • Tips & Advice
Have an existing account? Sign In
Follow US
© 2023 Lifestyle Uganda. A Now & Entertainment Media Company. All Rights Reserved.
Lifestyle Uganda > Blog > Money & Finance > MTN Uganda Cuts Withdrawal Rates on Its Mobile Money Service
Money & FinanceNews

MTN Uganda Cuts Withdrawal Rates on Its Mobile Money Service

Lifestyle Uganda
Last updated: 2020/11/09 at 11:33 AM
Lifestyle Uganda
Share
3 Min Read
mtn uganda withdrawal rates, MTN Uganda Cuts Withdrawal Rates on Its Mobile Money Service
In the meantime, Uganda Revenue Authority (URA) data revealed a shortfall of sh59.99 billion in the 2019/20 financial year due to the mobile money levy. PHOTO via @YouTube
SHARE

MTN Uganda, a telecommunications giant, has cut customer withdrawal rates across the mobile money network.

mtn uganda withdrawal rates, MTN Uganda Cuts Withdrawal Rates on Its Mobile Money Service
In the meantime, Uganda Revenue Authority (URA) data revealed a shortfall of sh59.99 billion in the 2019/20 financial year due to the mobile money levy. PHOTO via @YouTube

Telecom giant MTN Uganda has reduced customers’ withdrawal rates across mobile money.

KEY POINTS

  • The telecommunications giant has cut customer withdrawal charges across its mobile money.
  • MTN will now charge sh13,000 for withdrawals between sh500,001 and sh1,000,000.
  • The number of active mobile payment users increased from 15.5 million to 17.5 million.
  • Interested in Prophesy, visit Lifestyle Uganda homepage to learn more about Prophet Mbonye.

In a statement, MTN Uganda said the lower mobile money withdrawal rates came into effect on November 2. The new rate chart will see customers withdrawing slightly larger amounts.

For example, MTN will now charge sh13,000 (instead of sh13,750) for withdrawals between sh500,001 and sh1,000,000. Withdrawals from Sh30,001 to sh45,000 will pay sh1,350 instead of sh1,300 previously charged.

- Advertisement -

MTN Uganda does not explain the fee reduction, but the move is expected to increase its transaction volume.

SEE ALSO  Spice Diana announces World Tour Shows

The notice reads, “0.5% tax (on transaction value) will be charged on all transactions. Do not pay to any mobile money agent after a transaction. The fee will be deducted directly from your phone.”

In 2018/19, the government introduced a 0.5% tax on mobile money withdrawals, which was opposed by many telecom users.

In the meantime, data from the Uganda Revenue Authority (URA) reveal that in the 2019-20 financial year, the mobile money levy contributed a deficit of sh59.99 billion.

The reason for this is that the URA states that “high value customers withdraw their funds to Agency Bank”. MTN Uganda told URA that its mobile money transactions have declined as customers have turned to banks to avoid taxes.

- Advertisement -

“In the first half of the 2019/20 financial year, MTN had a 36% drop in mobile transaction values. In addition, other customers are accepting the use of mobile money as a payment method for services,” the URA said in a statement.

SEE ALSO  Here Are 8 Things You Need to Know About Trading with Vantage FX

The tax and high fees by telecom companies made it too expensive to withdraw money from the platform for high-value customers.

The volume of mobile money transactions across networks increased by 3.1 billion in 2018/19 compared to 2.5 billion, indicating a 22% increase. This is according to the Bank of Uganda annual report for the 2019/20 report.

- Advertisement -

Meanwhile, the value of transactions processed on the mobile cash platform increased by 19.10% to sh79.7 trillion in 2019 compared to sh66.9 trillion. 

The number of active mobile payment users in the current year rose from 15.5 million in the previous year by 12.9% to 17.5 million.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • More
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Tumblr (Opens in new window)

Related

You Might Also Like

$10,000 Donated by Exness to Help 2022 Nigerian Flood Victims

Former Brazilian Minister of Sports Pele Died at the Age of 82

MTN MoMo Now Offers Self-Initiated Reversal for Mobile Customers

37 Visa Exempt Countries to Uganda: A Complete List

Who is Patrick Oboi Amuriat: Biography, Early Life, Family, Education, Career and Controversies

TAGGED: mtn cuts withdrawal rates mobile, mtn uganda, mtn uganda cuts withdrawal, mtn uganda cuts withdrawal rates, mtn uganda cuts withdrawal rates mobile, mtn uganda mobile money, mtn uganda withdrawal rates, mtn uganda withdrawal rates mobile money, mtn withdrawal rates mobile money

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Lifestyle Uganda 9th November 2020
Share this Article
Facebook Twitter Whatsapp Whatsapp Reddit Copy Link
Share
By Lifestyle Uganda
Follow:
Art & Lifestyle web-blog with an African-America spice. Lifestyle Uganda was founded, by a team of 3 social media gurus. Let's talk WhatsApp +256781873083.
Previous Article
mtn uganda withdrawal rates, MTN Uganda Cuts Withdrawal Rates on Its Mobile Money Service
FULL STATEMENT: Mbarara Goes Red as Bobi Wine launches Manifesto
Next Article
mtn uganda withdrawal rates, MTN Uganda Cuts Withdrawal Rates on Its Mobile Money Service
BioNTech and Pfizer Says COVID-19 Vaccine Is 90-per Cent Effective
Leave a comment Leave a comment

Leave a Reply Cancel reply

Stay Connected

45.2k Followers Like
5.1k Followers Follow
213 Followers Pin
35.6k Followers Follow
11k Subscribers Subscribe
400 Followers Follow
- Advertisement -

Latest News

ashwagandha, Ashwagandha: What Is It and How Does It Work?
Ashwagandha: What Is It and How Does It Work?
Health & Living 25th January 2023
tems nomination oscars, Nominations for the 2023 Oscars: Tems Nominated for Lift Me Up
Nominations for the 2023 Oscars: Tems Nominated for Lift Me Up
Entertainment Music 25th January 2023
wizkid tottenham hotspur stadium, London’s Tottenham Hotspur Stadium to Host Massive Wizkid Show
London’s Tottenham Hotspur Stadium to Host Massive Wizkid Show
Entertainment Music 24th January 2023
afro nation portugal 2023, Tickets, Lineup, and Dates for Afro Nation Portugal 2023
Tickets, Lineup, and Dates for Afro Nation Portugal 2023
Entertainment Music 23rd January 2023

Follow Us

//

At Lifestyle Uganda, we inform, entertain, and inspire action through the content we create — empowering you to live a celebrity life.

Quick Link

  • Home
  • News
  • Business
  • Entertainment
  • Health & Living

Top Categories

  • About Us
  • Send a Tip
  • Terms of Use
  • Privacy Policy
  • Contact

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Lifestyle UgandaLifestyle Uganda
Follow US

© 2023 Lifestyle Uganda. A Now & Entertainment Media Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
 

Loading Comments...
 

    Welcome Back!

    Sign in to your account

    Lost your password?