How mobile money works in Uganda?

The customer then proceeds to cash-in onto their mobile money account by using a Mobile Money agent whom they give cash in exchange for e-money on the Mobile Money account. This customer can through the execution of some commands send e-money to another mobile money account holder anytime they so wish.

https://www.youtube.com/watch?v=l8JcQTQ1vzQ

How does mobile money pay in Uganda?

MTN Mobile Money is an electronic wallet service that allows you to send and receive money anywhere in Uganda using your mobile phone.You can do that by visiting any authorised MTN Mobile Money agent. The agent will take you through the free registration process and ask you to complete a registration form.

Is mobile money profitable in Uganda?

Mr Victor Aryatura, an agent operating in Namugongo, Wakiso District, says mobile money is no longer a very profitable venture for one to rely on independently nowadays due to the slashed commission fees.

How do mobile money agents make money?

For each transaction, the provider pays the agent a commission, typically a percentage of the transaction amount. In our study, the average agent commission rate was 0.7%, or approximately $0.20 for a $30 transaction.

How does a mobile money work?

Mobile financial services, known as “mobile money”, allow unbanked people to use their phones as a bank account: to deposit, withdraw and transfer money with their handset. People can also use mobile systems to pay utility bills and pay for goods in merchant shops.

How much is MTN mobile money limit?

Apart from the free transactions, the revised values and wallet limits will remain the same as follows. Customers with a limit of GHS300 can still transact with an amount of GHS1, 000, whereas limits of GHS2, 000 and GHS5000 can transact with values of GHS5, 000 and GHS10, 000 respectively.

What is the limit of MTN mobile money in Uganda?

UGX 7,000,000 per transfer
How much can I send to mobile money accounts Uganda? MTN Uganda mobile money accounts: A maximum of UGX 7,000,000 per transfer.

Which business can I start with 100k in Uganda?

Our list includes the following:

• #1. Gardening business. Gardening is a low-cost home business any Ugandan can afford.
• #2. Hairdressing business. Hairdressing is a profitable low-cost home business in Uganda.
• #3. Fish farming.
• #4. Chicken rearing.
• #5. Winemaking.
• #6. Professional services.
• #7. Blogging.
• #8. Making crafts.

How do I start a mobile money business?

Registration process

1. Dial *5051#. (
2. Select Register and send.
3. Select your region in which you intend to operate and send.
4. You will receive a reference number via SMS.
5. Write the reference number received on the MoMo registration forms.
6. MTN MoMo Agent will call and also visit your location for inspection.

What is commission in mobile money?

Since June 2019, a unilateral reduction in commissions relating to transactions via MTN mobile money has been observed. Commissions increased from 1 to 0.7% for deposits, i.e. 70 FCFA for a deposit of 10,000 FCFA and from 0.7 to 0.5% six months later, or 50 FCFA for a deposit of 10,000 FCFA.

Is there profit in mobile money business?

Will it make money? Considering mobile money on its own as a source of revenue, about 70 percent of the managers who responded agree to a certain extent that this service will be a significant source of revenue for MNOs, making large profits over time.

How do I become a MTN mobile money agent?

How to register MTN mobile money

1. You must own a registered limited company or its equivalent.
2. You must fill in and submit a form known as the Agent Recruitment Form.
3. You must fill in and submit a form known as the Agent Account Handler Form.
4. You must meet the minimum Merchant/Agent code of ethics requirements.

Is Agent banking profitable in Uganda?

Profits are high with 40 percent of agents making at least US $100 of profits a month. Although agents are generally happy with their financial gains, data shows they could be earning significantly higher profits.

What are the disadvantages of mobile money?

Following are the drawbacks or disadvantages of Mobile Money: ➨The customers are required to obtain compliance from the respected banks. ➨Lack of interoperability between networks restricts reach and makes transactions cumbersome. ➨Adoption of mobile money usually requires multi-party involvement (viz.

How do I start a mobile money business in Uganda?

For one to be licensed as an agent, you need to:

1. Present an Identity Card.
2. Present a letter of introduction/recommendation from the Local Council.
3. Have a deposit of UGX 80,000/= (Eighty Thousand Shillings) to purchase the kit.
4. Fill in an application form.
5. Have starting Float of UGX 2,000,000/= (Two Million shillings)

How can I withdraw money from my mobile?

You can cash-out of your wallet by visiting your nearest MTN store or MoMo agent or into any South African bank account.

How do I check my MTN mobile money registration?

One of the widely used mobile money platforms is the MTN Mobile Money.
Steps to check your MTN Mobile Money Registration Details

1. Dial *170#
2. Enter option 6 (My Wallet)
3. Enter option 10.
4. Your Mobile Money Name and Next of Kin will be displayed to you.
5. Choose of option 1 if you want to change your next of kin.

How do I know my transaction limit?

Log into your online SBI account and click on ‘Enquiries’ tab. Towards the left, when you click on ‘Transaction limits/charges’, you will be directed to the same page, whereby you will be able to see different charges for different transaction types.

How do I increase my transaction limit?

Online:

1. Click on the Funds Transfer tab, select “Modify TPT Limit” from the Request section, click on “INCREASE”, and chose your desired TPT limit from the drop down menu.
2. Authenticate the transaction with your Debit Card Details + One Time Password (OTP) sent to your registered Mobile number.

How do I transfer money from MTN Uganda to Safaricom?

It’s quick and easy;

1. When in TZ simply dial *150*00# and then “Send money to MPESA Kenya” on your Vodacom line.
2. When in Rwanda; dial *830# to send money to Kenya from your MTN line.
3. When in Uganda; dial *165# to send money to Kenya from your MTN line.

How can I transfer money from MTN Uganda to Safaricom?

To a MTN Uganda Subscriber?

1. Dial *840#
2. Enter your preferred PIN.
3. Select Send Money.
4. Enter destination phone number in the international format e.g. 256xxxxxxxxxx.
5. Enter amount and confirm.