I am reversing the transaction because i sent it to the wrong person/number by mistake, please help me reverse it.

Probably the best reversal explanation there is.

Now, to reverse mobile money to a wrong number requires that your transactions meets at least 1 of the following requirements:

• The receiver has not withdrawn the money as yet.
• Transaction must have occurred within the past 6 days. Much as 24 hours is the best timeframe.
• The Money must have been sent to an MTN Mobile Money Number.
• Transaction should be higher than UGX 500. Any amount lower, consider it a loss.

Reverse money sent to a wrong number

To reverse money sent to a wrong number using MTN Mobile money on your own, you need to initiate the reversal on your own as below:

• Dial *185#
• Select option 8 (My Account). Or dial *185*8# directly.
• Select option 7 (initiate reversal) to view the last 3 transactions on your account.
• From the list of transactions, select your target transaction by number. For example, to reverse the latest transaction, enter 1 to proceed.
• Enter your MTN Mobile Money PIN to start the reversal process.

In simple terms, the code to reverse MTN mobile money is *185*8*7#. Upon initiating your MTN Mobile Money reversal, you need to follow the steps below to receive the money back to your account.

• To complete your reversal, call the MTN customer helpline, 100, and choose **Mobile money** as your call reason to speak to a customer care agent.
• Notify the customer care agent to approve your mobile money reversal. The agent will approve your reversal and send the money back to your MTN mobile money account.

Upon approving your mobile money reversal in conjunction with the customer care support agent, you will receive your money back immediately. However, if the recipient gets notified of your reversal, chances are high that they might withdraw the money which makes your reversal impossible.

Henceforth, always keep your mobile money reversal information only between you and the customer care agents, else, you may lose your hard-earned money that may have been sent to a gold digger or fraudster that may have tricked you into sending them money.

For now, MTN Uganda needs to revise its self-reverse service to get rid remove their customer agents as middle men, at the moment, this is the only method available, but in the near future, users could raise multiple complaints against the service, hence a change in the process may redact customer care importance.

The new Digital bank is located at the Jubilee insurance building along Parliament avenue in Kampala and is home to full self-service transaction machines that cater for each and every user in the queue without a Teller thread at the branch

Amazingly, instead of having customer support staff present at the branch, the new ABSA wing has a chatbot that assists customers with instant replies to frequently asked questions Via WhatsApp and a public Webpage address accessible at the branch

Speaking at the public launch of the new digital branch, the Absa managing director Nazim Mahmood inked the brand’s ambition to be the best digital future embracer and still serving customers reliably from the word Go as he said

The Services offered at Absa’s digital banking branch

Unlike any other bank branch in Uganda, Absa’s new digital branch has less human resources as ATMs at the location can accomplish tasks much better the same way you could in a regular bank branch. Nonetheless, these are the full services offered inside the Absa digital branch

• 24/7 Self service ATM terminals for deposits & withdraws
• Bulk cash deposits via the bulk cash depositor machine
• Utility bill payments
• bank Statement prints
• Interbank and International funds transfer

As a matter of fact, Free Wi-Fi is served as a spicer at the digital branch to allow customers to transact with their internet-enabled devices incase of long ques at the branch.

More so, bank statements can be accessed by simply triggering the print section at the branch in a bid to reduce on the amount o time bankers spend in ques as Mr Nazim further concluded

Using these digital branches, we intend to enable our customers spend less time in queues by leveraging modern technology to facilitate their banking. This change in strategy for us as a bank sees us become a digitally-led bank, a reflection of our renewed customer focus, placing their needs first and redefining customer journeys with Absa

According to the ministry of FInance, all mobile money services are taxed separately and their’s no bid for less but instead higher tax for a hefty transaction. Well, here is how Gov’t will chop off its 1% tax on every transaction you make via Mobile money.

Sending and Receiving Money

When sending and receiving money, the usual withdraw and sending telco fees lead the budgeted list starting from UGX 330 for the down low transactions. The moment you enter a registered mobile money number to send funds to and confirm with your pin, Gov’t calculates a 1% tax off the total sent amount before deducting Telco sending fees that follow the route to a digital destination. Then, as soon as your recipient receives a Mobile money message indicating the airlifted funds in the text body, Gov’t would have chopped a 1% tax off the received amount in return. While on withdraw URA collects a 1% tax on the initiated amount. Your service provider will charge you the normal withdraw fees as to receive the remaining cash from your withdraw point.

Example:

Process	Charge
Sending Money	1,000,000
1% Tax	10,000
Telecom Charges	2,000
Balance	970,000
Receiving Tax	9,700
Actual Balance on Receiver's Account	960,300
With drawable Amount	938,197
1% Tax	9,603
Telecom Charges	12,500
Cash Received:	938,197

Paying Goods and Services

Mobile money before its glory days was simply a digital transactions platform. However, as institutions embraced emerging technologies to their benefit. Users can conveniently pay for social services and goods wherever and whenever. In addition to the convenience met when clearing owed funds flying you right in front of a long Que. Gov’t charges you a hefty 1% as well on the total amount transacted. Assuming you are paying Packing fees amounting to UGX 20,000 this means URA deducts UGX 200 as 1% tax before Telecom charges of about UGX 1000 totaling to 2,1200/=.

Example:

To Pay: 20,000/=
1% Tax: 200/=
Telecom Charges: 1000/=
TOTAL PAID: UGX 21,200

Saving and Borrowing with Wewole or Mokash

Mobile loans and Savings conquered mobile money by storm when MTN first rolled out its Mokash service in partnership with CBA a few years ago. 2 years down the road, Users enjoy the comfort of borrowing with no security guarantees teased on to them. However, as URA tax only applies to withdraws and funds received from a fellow mobile money user. Wewole & Mokash are termed Banking services meaning for a moment you get the ultimate chance to dodge the 1% tax using your phone as it lonely awaits you on Withdraw or when you use the funds to Pay for goods or bills.

Bills & Financial services

Financial services, Banks withdrawals and deposits are the only services exempted from URA’s 1% tax. However, this doesn’t mean you escape tax when paying utility bills as your service provider also prepared a special bill payment fee ready to give the 1% transport to your utility provider. Contrary to the bills, when sending money from your phone to the bank or clearing a monthly SACCO/ Microfinance fee, the 1% tax doesn’t apply in that case. Henceforth, when paying your bills, the 1% tax is automatically applied after approving your transaction to a utility service provider.

Example:

Amount to clear Bill: 20,000/=
1% Tax : 200/=
Charges: 1600/=
TOTAL BILL COST: UGX 21,800

“We are happy to announce that our customer base has grown to 1 million. This means we have been able to build trust in our valued customers, we have always been committed to serve and provide our customers with innovative products” he said.
“I would like to thank our Customers, the Government and the Regulator, as well as partners for their loyalty and contribution to the growth of the aYo brand over this one year.” Kwesiga further noted

aYo Uganda plans To make insurance relevant, accessible & easy to use & thereby adding value to & improve the lives of all Ugandans.
aYo Uganda, opened its doors to the Ugandan market in January 2017 with 2 products namely aYo Recharge with care and aYo Send with care. aYo Recharge with Care offers MTN pre-paid customers an easy way to get FREE hospital or life cover whenever you load MTN airtime.

Adding aYo Send with Care to the MTN Mobile Money transfers means that, in the unfortunate event of your passing or should you be hospitalized for a night or more due to an accident, aYo will pay triple the amount you sent to your recipients into you MTN Mobile Money account in form of cover.

NOTE: This is a copy of the Press Release