MTN Uganda has revised its rates for mobile money withdraws made at agents taking effect today, 16th October. In doing so, the company has greatly reduced the charges incurred on transactions above UGX 1,000,000.
Withdrawing between UGX 1,000,001 and 2,000,000 will cost you UGX 18,500 from the initial 21,750; withdrawing between UGX 2,000,001 and 4,000,000 will cost you UGX 25,000 from the initial 38,650; and withdrawing between 4,000,001 and 7,000,000 should cost you UGX 25,000 from the initial 52,500.
Withdrawing money from your #MTNMoMo agent is now more affordable. Visit https://t.co/IozoSbUXfe for the new rates. pic.twitter.com/P0R0aeKMRJ
— MTN Uganda (@mtnug) October 16, 2019
MTN’s rates take effect two weeks earlier than Airtel’s changes that are scheduled to start on 31st October.
Following Airtel’s change in withdraw rates
It is most likely that the two telco’s are competing on this as Airtel recently equally revised its Airtel Money withdraw charges too, increasing the maximum transaction amount from UGX 5,000,000 to UGX 7,000,000 and also reducing the maximum withdraw fee.
In resemblance to what MTN Uganda has done, all withdraw transactions between UGX 1 and UGX 1,000,000 will not have their rates changed. Rather, the changes apply to withdraws above the million mark.
Withdrawing between UGX 1,000,001 and 2,000,000 will cost you UGX 7,300 less than the initial 19,800; withdrawing between UGX 2,000,001 and 4,000,000 will cost you UGX 22,700 less than the initial 35,200; and withdrawing between 4,000,001 and 7,000,000 should cost you UGX 37,000 less than the initial 49,500.
This all implies that withdrawing above the one million mark or between UGX 1,000,001 and 7,000,000 will cost a flat fee of UGX 12,500.
