MTN Uganda has announced the launch of outbound mobile money transfer services to Rwanda and Kenya.
Last year, MTN launched international mobile money transfer services, but it only supported inbound transfers from Kenya and Rwanda. In this latest development, MTN Mobile Money customers in Uganda will now also be able to send money to MPesa and MTN Mobile Money customers in Kenya and Rwanda respectively.
This MTN Mobile Money solution has an automatic currency converter, which means users will send and receive money in their respective local currencies. The recipient has to be a customer of Safaricom’s MPesa in Kenya and in Rwanda one has to be an MTN Mobile Money customer to receive the money directly on their phones.
Customers who intend to send money to Kenya and Rwanda will pay a fee plus a 5% of the amount being sent, with MTN is offering customers a 50% discount on this transaction fee for a limited period of time following the launch.
“Technology is helping us eliminate national borders, enabling a unified digital and mobile financial services world. We are delighted to offer a solution that further enhances that agenda and trust that our customers will find it a secure and easy way of transferring funds internationally,” said Phrase Lubega, MTN Uganda’s General Manager in charge of Mobile Financial Services.
In August this year, MTN launched MoKash, giving millions of Ugandans access to micro loans and making it possible for them to save money on their mobile phones. In the three months since its launch, MoKash has attracted more than 1.2million customers with savings close to 3bn Uganda shillings.