Here are the new mobile money transaction limits in Uganda

new mobile money transaction limits -
- Advertisement -

This post unveils the new mobile money transaction limits in Uganda. Mobile payment (commonly known as mobile moneymobile money transfer, and mobile wallet) typically refers to payment services operated under financial regulation and performed from or via a mobile device (smartphone, tablet, etc).

- Advertisement -

Rather than paying with cash, cheque, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods. in spite of the fact that the idea of using non-coin-based currency systems has a long history. It is only in the 21st century that the technology to support such systems has become widely available. In 2023, it is estimated that there will be 1.31 billion proximity mobile payment transaction users worldwide, up from 950 million users in 2019.

From the moment that the National Payments Systems Act 2020 and National Payments Systems Regulation 2021. Mobile money services from both MTN Group LTD and Airtel Uganda became a unique entity from the SMS, voice, and knowledge companies and through regulation were regulated by the Central Bank of Uganda. This method rules refer to transaction limits that are; maximum and minimum payouts or wallet balances are controlled via BOU (Bank Of Uganda).

This comes as good news for individuals and organizations who want to transact more with their mobile money accounts but are at all times restricted due to the transaction limits. BOU has increased the transaction limits on both MTN MoMo and Airtel Money as of Tuesday, March 1st, 2022. Read on to find out more about the new transaction limits.

new mobile money transaction limits
Mobile Money offers convenience with its ways of transaction | image source: kampalapost

What is new?

Firstly; the maximum daily account increased by 33% from 15,000,00UGX to 20,000,000UGX. Secondly; more limits like maximum unmarried transactions are offered and capped at 5,000,000UGX. Thirdly; it should be pointed out that the daily most switch quantity was given the greatest build-up ever to 20,000,000UGX from 7,000,000UGX.

With the creation of capping a single transaction at 5 Million shillings, an individual has to withdraw 4 instances an afternoon to achieve the maximum day-by-day switch limits.

How to send and receive mobile money in Uganda
Mobile money to Bank transactions and payments in Uganda

New MOBILE MONEY Transaction Limits – Table Summary

Maximum Daily Transfer20,000,000
Maximum unmarried transaction5,000,000
Maximum Daily Account Balance20,000,000
Both Airtel and MTN have implemented these changes

That is what is new with mobile money transactions.