By Nicholas Shawn Mugarura.
MTN Uganda has proposed new mobile money charges that will take effect beginning May 10, 2019.
According to MTN, the lowest amount of money one can withdraw through a Mobile Money agent is Shs500 and it used to cost Shs330 to withdraw any amount in the range of Shs500-2500, but according to the new MTN Mobile Money transaction charges, this has been increased to Shs350.
The highest amount of cash one can withdraw is Shs7,000,000 and to withdraw a sum in the range of Shs4m to 7 million will amount to a charge of Shs52500, compared to the previous charge of Shs49,000.
The lowest range, that is between Shs500-2500, the charge fee used to be Shs250. But considering the changes one will now pay Shs100 to send the same amount of money and this implies that MTN Uganda reduced the levies on small sums. However the telecom company has increased charges for higher amounts in the range ofShs30,001 to 7 million.
The Telecom allows its clientele to transact a maximum of Shs7 million a day and also have an account balance of Shs15m.Mobile money has greatly influenced the growth of financial inclusion by removing barriers from hard-to-reach places which had no access to formal financial services.