Like any other financial service, MTN Mobile Money, or simply MoMo, of the largest telecom operator in Uganda, MTN Uganda Limited does charge fees when sending, receiving, or withdrawing money to facilitate the transfer to recoup operating expenses and make a profit.
In fact, in their latest half-year unaudited financial performance data released at the end of June 2023, MTN Mobile Money was among the highest revenue generators of the telecommunication firm after it grew by 18.6% to record 10.9 million MoMo customers who transacted Ush61.6 trillion within the period in consideration.
In the fiscal report that covered the first and second quarters evaluation, MTN Mobile Money accounted for 28.7% of the reported revenue, up from 27.8% in the first half of 2022, a big percentage of it coming from monies charged as transaction fees.
So what are MTN mobile tariffs in 2023?
MTN MoMo transaction fees, plus taxes 2023
Here are the latest (2023) MTN Mobile Money transaction costs in Uganda. They are the charges you incur as an MTN customer when you send money to another MTN user, MTN to other networks like Airtel, Uganda Telecom, Africell, M-cash, PayWay, and Eeezy Money, and when making withdrawals;
| Amount | Costs when sending to MTN users and other networks | Costs when sending to bank accounts | Withdrawal costs at MTN agent outlets | Minimum withdrawal tax | Maximum withdrawal tax |
| Ush500 – Ush2,500 | Ush100 | N/A | Ush330 | Ush3 | Ush13 |
| Ush2,501 – Ush5,000 | Ush100 | Ush1,500 | Ush440 | Ush13 | Ush25 |
| Ush5,001 – Ush15,000 | Ush500 | Ush1,500 | Ush700 | Ush25 | Ush75 |
| Ush15,001 – Ush30,000 | Ush500 | Ush1,500 | Ush880 | Ush75 | Ush150 |
| Ush30,001 – Ush45,000 | Ush500 | Ush1,500 | Ush1,210 | Ush150 | Ush225 |
| Ush45,001 – Ush60,000 | Ush500 | Ush1,500 | Ush1,500 | Ush225 | Ush300 |
| Ush60,001 – Ush125,000 | Ush1,000 | Ush1,500 | Ush1,925 | Ush300 | Ush625 |
| Ush125,001 – Ush250,000 | Ush1,000 | Ush2,250 | Ush3,575 | Ush625 | Ush1,250 |
| Ush250,001 – Ush500,000 | Ush1,000 | Ush4,100 | Ush7,000 | Ush1,250 | Ush2,500 |
| Ush500,001 – Ush1,000,000 | Ush1,000 | Ush6,150 | Ush12,500 | Ush2,500 | Ush5,000 |
| Ush1,000,001 – Ush2,000,000 | Ush1,000 | Ush9,250 | Ush15,000 | Ush,5,000 | Ush10,000 |
| Ush2,000,001 – Ush4,000,000 | Ush1,000 | Ush11.300 | Ush18,000 | Ush10,000 | Ush20,000 |
| Ush4,000,001 – Ush5 million | Ush1,000 | Ush11,300 | Ush20,000 | Ush20,000 | Ush35,000 |
Note that taxes are automatically deducted from your MTN Mobile Money account as part of withdrawal costs. The minimum amount you can withdraw from your MoMo account is Ush500, and the maximum is Ush5 million, but the maximum account balance in one go is Ush20 million.
