\tMTN Uganda sharply increased levies on fund transfers between mobile money accounts and banks, a move slammed by critics for its impact on financial inclusion, Daily Monitor reported.<\/p>\n
The newspaper said MTN Money charges on the transfers increased by between 33 per cent and 66 per cent depending on the transaction value, a fee an MTN representative said had been implemented to align the service with \u201ccurrent market conditions\u201d.<\/p>\n
MTN\u2019s move was slated by the Uganda Bankers Association and Rashmi Pillai, programme director of not-for-profit organisation Financial Sector Deepening Uganda, which both anticipated a negative impact\u00a0on financial inclusion.<\/p>\n
The fees are a further blow to mobile money users in the country, who were hit by the introduction of taxes [1] on selected transactions from\u00a0the government in 2018. However, transfers to banks and deposits are exempt from the government levy.<\/p>\n
Transaction values in the country fell following the introduction [2] of the taxes.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/money\/news-money\/uganda-blunts-controversial-mobile-money-tax\/
\n[2] https:\/\/www.mobileworldlive.com\/money\/news-money\/uganda-mobile-money-use-falls-by-180m-in-a-fortnight\/<\/p>\n","protected":false},"excerpt":{"rendered":"
MTN Uganda sharply increased levies on fund transfers between mobile money accounts and banks, a …<\/p>\n
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