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MASSIVE! Airtel Reduces Mobile Money Rates, Withdrawal Charges Dropped By 79%

Airtel Money users are set to enjoy a massive reduction in cash withdrawal and Person To Person transfer rates as the telecommunications company continues its efforts towards the enhancement of a cashless economy and financial inclusion.

The offer begins on Thursday the 31st October 2019.

Airtel money customers can now enjoy 79 per cent and 60 per cent reductions on withdrawal and Person To Person transfer rates respectively making it the most competitive rate on the market today.

According to Airtel Uganda Managing Director Mr. V.G. Somasekhar, the company continuously strives to create affordable and innovative solutions for customers including a relentless focus on the fundamental needs of their customers.

Airtel Money Director Eric Karobia announces up to 70% cuts in the Airtel Money withdrawal rates. On the right is Amit Kapur Airtel Uganda CCO

 “With the massive reduction in cash withdrawal and P2P transfer rates, Airtel Money subscribers can conveniently and instantly do so much more in a reliable and secure manner using their mobile phones. By lowering the cost of these transactions, an increased number of Ugandans will get access to affordable and basic financial services at unmatched rates,” he commented during a press conference held this morning at the Airtel Uganda head office.

The massive reductions will apply to all transactions between Shs1 million and Shs7 million as per the table below:

Table 1; New Cash Withdrawal Rates

Slab Before New Reduction Reduction%
1,000,001 – 2,000,000 26,500 12,500 14,000 53%
2,000,001 – 4,000,000 45,500 12,500 33,000 73%
4,000,001 – 7,000,000 60,700 12,500 48,200 79%

Table 2; Person To Person

TRANSACTION BANDS Old Rate New Rate Reduction Reduction
Mininum Maximum        
500 2,500 250 100 (150) -60%
2,501 5,000 500 100 (400) -80%
5,001 15,000 1,000 500 (500) -50%
15,001 30,000 1,000 500 (500) -50%
30,001 45,000 1,000 500 (500) -50%
45,001 60,000 1,000 500 (500) -50%
60,001 125,000 1,500 1,000 (500) -33%
125,001 250,000 1,500 1,000 (500) -33%
250,001 500,000 1,500 1,000 (500) -33%
500,001 1,000,000 2,000 1,000 (1,000) -50%
1,000,001 2,000,000 2,000 1,000 (1,000) -50%
2,000,001 4,000,000 2,000 1,000 (1,000) -50%
4,000,001 5,000,000 2,000 1,000 (1,000) -50%

The preceding promotional rates are now permanent.

To enhance convenience, Airtel has increased the transaction limit from the usual Shs5 million to Shs7 million.

“Many of our subscribers use the Airtel Money platform to conduct business and we want to ensure that they are not restricted by the set limits. We feel that an increase in the limits will give them an increased capacity to conduct their businesses unhindered,” Somasekhar added.

Airtel Uganda officials led by Chief Commercial Officer Amit Kapur (right) announce the new rates

Over the years, the Airtel Money platform has evolved to provide virtually all financial services in Uganda – paying bills, school fees, URA services, bank to wallet transactions and many others. Services such as sending money, buying airtime through Airtel money, Airtel money registration and pin reset are all free.

“On our side, we continue to ensure that the platform is safe and we remind all Airtel money users never to share their PINs with anyone,” Somasekhar concluded.

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