What would you imagine banking to be in 2016? Long queues, solid cash, grumpy bank tellers? I guess not. Today your money follows you and you could do a lot with it faster and conveniently.
MTN Uganda has partnered with several banks to make this happen. Now you can deposit Mobile Money directly to your bank account from their phone, or withdraw money from your bank account onto your Mobile Money account. Awesome, right?
MTN has partnered with several banks and financial institutions including Bank of Africa, Centenary Bank, DFCU Bank, Stanbic Bank, Pride Microfinance, PostBank, Finance Trust Bank and Ugafode Microfinance. The list is quite impressive, except this is only about 1/3 of banks in Uganda. Both my banks are not here.
How it works
In order to send and receive money from your bank account, you need to have registered on MTN Mobile Money. If you’re not yet registered user, this won’t work for you. Next, you should register for the service with your bank branch so that the service can be enabled on your account.
Upon registration with the bank, you will receive a PIN. That’s it. Now you will be able to send money from your MTN Mobile Money account to your Bank account.
How to transfer money from your MTN Mobile Money account to your bank account
To transfer money from your MTN Mobile Money account to your bank account follow the steps below.
• Dial *165# which is the mobile money shortcode
• Select FINANCIAL SERVICES
• Select Transfer Money to Bank Account
• Select your bank e.g Centenary Bank
• Enter Amount (which you wish to transfer to bank account)
• Enter Mobile Money PIN
You will receive a confirmation message from MTN and from the bank about the transaction.
How to withdraw money from your bank account to your Mobile Money account
For instance for Centenary bank users;
• Dial *211#
• Insert CenteMobile PIN
• Select Funds Transfer
• Select MTN Mobile Money
• Insert the amount, and enter the recipients’ number.
To get details for you bank, you can get the details from the MTN website. That’s how you can transfer MTN mobile money from and to your bank account. If you’ve tried it, let us know your experiences in the comments below.