Mobile Money is a wave of swift money transfer that has not only disrupted banks’ reliability but also opened doors for better Fintech solutions. In Uganda, Mobile Money services are operated by leading mobile network providers namely, MTN, Airtel, UTL, and Africell.
In a bid to serve subscribers with affordability in-sight, the 4 mobile money services differ by charges, then supported transaction tiers that continue to increase with UGX 7,000,000 as the current high.
Currently, UTL’s Msente and Africell Money have the lowest rates if compared to MTN Momo, Airtel Money. However, this comes at a catch of competitive rates that only differ by a small margin, and here is a breakdown of what’s offered by each service.
MTN Mobile Money Vs Airtel Money Vs Africell Money Vs Msente
By Sending fees, Africell charges UGX 250 for Africell and other network transfers. On the Other hand, MTN Momo has a UGX 50 charge for On-Net transfers, as Other networks route a minimum charge of UGX 300.
For Airtel-Airtel transfers, a UGX 100 charge shines as the minimum rate, then a minimum charge of UGX 980 when sending to other networks. And unlike the trio, UTL’s Msente has a static sending fee of UGX 200 with no support for transfer to other networks.
Sending Fees (Same network Transfers)
| Transaction Range | Africell | MTN Momo | Airtel | Msente (UTL) |
|---|---|---|---|---|
| 0 – 2,500 | 200 | 30 | 100 | 200 |
| 2,501 – 5,000 | 500 | 100 | 100 | 450 |
| 5,001 – 15,000 | 1,000 | 350 | 500 | 900 |
| 15,001 – 30,000 | 1,000 | 500 | 500 | 900 |
| 30,001 – 45,000 | 1,000 | 600 | 500 | 900 |
| 45,001 – 60,000 | 1,000 | 750 | 500 | 900 |
| 60,001 – 125,000 | 1,600 | 1,000 | 1,000 | 1,400 |
| 125,001 – 250,000 | 1,600 | 1,100 | 1,000 | 1,400 |
| 250,001 – 500,000 | 1,600 | 1,250 | 1,000 | 1,400 |
| 500,000 – 1,000,000 | 2,000 | 1,250 | 1,000 | 1,800 |
| 1,000,001 – 2,000,000 | 2,000 | 1,250 | 1,000 | 1,800 |
| 2,000,001 – 4,000,000 | N/A | 1,250 | 1,000 | 1,800 |
| 4,000,001 – 7,000,000 | N/A | 1,250 | 1,000 | N/A |
| UGX | UGX | UGX | UGX | UGX |
Rates for Sending to Other Networks
| Transaction Range | Africell | MTN Momo | Airtel | Msente (UTL) |
|---|---|---|---|---|
| 0 – 2,500 | 200 | 830 | 980 | N/A |
| 2,501 – 5,000 | 500 | 940 | 980 | N/A |
| 5,001 – 15,000 | 1,000 | 1,880 | 1,975 | N/A |
| 15,001 – 30,000 | 1,000 | 2,310 | 2,165 | N/A |
| 30,001 – 45,000 | 1,000 | 2,310 | 2,595 | N/A |
| 45,001 – 60,000 | 1,000 | 2,500 | 2,595 | N/A |
| 60,001 – 125,000 | 1,600 | 3,325 | 3,765 | N/A |
| 125,001 – 250,000 | 1,600 | 4,975 | 5,495 | N/A |
| 250,001 – 500,000 | 1,600 | 7,125 | 8,025 | N/A |
| 500,000 – 1,000,000 | 2,000 | 12,650 | 15,150 | N/A |
| 1,000,001 – 2,000,000 | 2,000 | 22,000 | 26,500 | N/A |
| 2,000,001 – 4,000,000 | N/A | 37,400 | 45,400 | N/A |
| 4,000,001 – 7,000,000 | N/A | 55,000 | 60,700 | N/A |
| UGX | UGX | UGX | UGX | UGX |
With the quad set of services leveled to similar sending fees, withdraw charges on the other hand differ by a smaller margin. Comparatively, MTN Momo and Airtel Money tremble in the same league as Msente, Africell Money shine with lower fees.
Withdraw Charges
| Transaction Range | Africell | MTN Momo | Airtel | Msente (UTL) |
|---|---|---|---|---|
| 0 – 2,500 | 250 | 350 | 330 | 200 |
| 2,501 – 5,000 | 300 | 480 | 440 | 300 |
| 5,001 – 15,000 | 800 | 770 | 700 | 600 |
| 15,001 – 30,000 | 820 | 970 | 880 | 800 |
| 30,001 – 45,000 | 1,100 | 1,350 | 1,210 | 900 |
| 45,001 – 60,000 | 1,100 | 1,650 | 1,500 | 1,000 |
| 60,001 – 125,000 | 1,300 | 2,150 | 1,925 | 1,250 |
| 125,001 – 250,000 | 2,560 | 3,950 | 3,575 | 2,500 |
| 250,001 – 500,000 | 4,360 | 7,700 | 7,000 | 4,200 |
| 500,000 – 1,000,000 | 8,500 | 13,750 | 12,500 | 8,000 |
| 1,000,001 – 2,000,000 | 15,440 | 18,500 | 12,500 | 15,000 |
| 2,000,001 – 4,000,000 | N/A | 25,000 | 12,500 | 30,000 |
| 4,000,001 – 7,000,000 | N/A | 25,000 | 12,500 | N/A |
| UGX | UGX | UGX | UGX | UGX |
Utility Payment Rates
Commonly, Utility Payments, PayTV, and Tax clearances are the most used options on all 4 mobile money platforms in Uganda. And so, charges slightly differ per mobile money service, but with smaller margins as compared to competitor services.
For Instance, to buy UMEME Yaka Tokens worth UGX 10,000 you face a 1,000/= charge of MTN and Airtel, but a 500/= or 700/= charge on Msente or Africell Money respectively. Hence, base utility rates only differ by small margins, but matter to the transacting customer.
| Transaction Range | Africell | MTN Momo | Airtel | Msente (UTL) |
|---|---|---|---|---|
| 0 – 2,500 | 150 | 190 | 190 | 150 |
| 2,501 – 5,000 | 300 | 600 | 330 | 200 |
| 5,001 – 15,000 | 700 | 1,000 | 1,000 | 500 |
| 15,001 – 30,000 | 1,200 | 1,600 | 1,600 | 1,000 |
| 30,001 – 45,000 | 1,500 | 2,100 | 2,000 | 1,250 |
| 45,001 – 60,000 | 1,800 | 2,800 | 2,650 | 1,800 |
| 60,001 – 125,000 | 3,000 | 3,700 | 3,500 | 2,500 |
| 125,001 – 250,000 | 3,500 | 4,150 | 3,950 | 2,800 |
| 250,001 – 500,000 | 4,000 | 5,300 | 5,050 | 4,000 |
| 500,000 – 1,000,000 | 7,000 | 6,300 | 6,300 | 8,000 |
| 1,000,001 – 2,000,000 | 12,000 | 6,300 | 6,300 | 10,000 |
| 2,000,001 – 4,000,000 | N/A | 6,300 | 6,300 | 12,000 |
| 4,000,001 – 7,000,000 | N/A | 6,300 | 6,300 | N/A |
| UGX | UGX | UGX | UGX | UGX |
The Best Mobile Money Service you can Consider in Uganda
To choose the best mobile money service to consider, you must put into consideration several factors aligned to your money transfer behavior.
Among the key factors to consider, ease of access to mobile money agents shines as a top priority. Then, the number of your contacts (you intend to send and receive money from) use specific service. Supported transfer amounts, then, the general charges structure as listed above.
What to consider before using a specific mobile money service in Uganda
- Agents Network (How reachable are the service’s Mobile Money Agents)
- Number of Contacts (friends & family) using the service
- Supported Transfer amounts
- Transaction Rates and Charges
- Service Popularity
Once factored in, you can then choose your Ideal Mobile money service to consider. By charges, a service may have lower rates, but with a low agents network in Uganda.
Hence, if you don’t have a vast network of reachable direct deposit and withdraw points, you can then consider the most accessible service for swift transactions.
By Agents Network, most usability and high transfer amounts, MTN’s Mobile Money service rocks as the best variant to consider against Airtel Money, Africell Money, and UTL Msente. This is due to the fact that you can access the telco’s agents in almost every trading center in Uganda.
Henceforth, amidst the fact that you’d get lower charges on a platform like Msente, getting access to deposits could be hard as compared to MTN Momo or Airtel money which could be your most accessible option. So, depending on your taste and location, you can juggle through available offers for your best choice.