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MTN also slashes its mobile money fees

Mobile money customers transacting

Mobile money customers transacting

MTN has slashed by half the fees it charges customers who send money over its mobile money platform – a relief for a consumer market that had been burdened by the high rates of sending and receiving money.

During the eight-week promo, which is scheduled to end in late August, the largest mobile telecom company in terms of numbers will see customers experience a 50 per cent drop in charges for sending money to other MTN Uganda customers.

In the new rates, one will pay charges for as low as Shs 50 across the mobile money network, down from Shs 100, if they are sending amounts between Shs 500 and Shs 2,500. In a press statement, Wim Vanhelleputte, the chief executive officer of MTN Uganda, said the promotion is expected to encourage more people to use their platform.

“MTN mobile money is an easy-to-use mobile money transfer that is fast and reliable, with transactions being completed in seconds; so, we are happy to be offering our customers even more reason to use the service as we celebrate their continued patronage,” Vanhelleputte said.

The promotion comes weeks after Airtel Uganda, MTN Uganda’s biggest competitor, enrolled its own campaign dubbed Sukuma Cash, where the rates for sending money were dropped by 60 per cent over a three months’ campaign. The Airtel campaign, which started in May, also comes with a chance to win Shs 500,000 in a draw.

In a statement, MTN said it enjoys the ‘lion’s share of the mobile money market with over 8.8 million mobile money subscribers. “Since its inception, the service has seen over Shs 30 trillion in transactions.”

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© 2016 Observer Media Ltd