Mobile money has given us a more convenient way to transact financially. Whether you want to send money to a family member or a friend or wish to pay for utility bills, your phone or the mobile money agent close to you might be your answer.
But transacting with agents opens you up to fraud and cheating. You might lose your money if you aren’t diligent. Here are some simple checks and balances from Bank of Uganda to ensure you transact safely.
#1. Make sure Mobile Money is up
For starters, only transact when Mobile money network is up and running. The Mobile networks especially MTN Uganda have a reputation of having network outages which in turn affects transactions.
For mobile money to work, the network should be up. Usually when they are outages due to network failure or scheduled maintenance, the networks send out SMSes to their customers or press releases in the media. If you transact while the network if off, chances of losing money are high.
#2. Enter your Mobile money PIN
Every transaction for registered users requires you to enter your Mobile money PIN. A PIN is a secret number given to you at the time of registration and should be known only to you.
Entering your PIN authorizes a particular transaction. It confirms that you actually willingly and knowingly performed the transaction. Do not tell anyone your Mobile money PIN unless they are a trusted close family member. If you discover your PIN has been compromised, immediately reset your mobile money PIN number.
#3. Verify the name and number of the recipient
Thanks to SIM card registration, the mobile networks now have both the mobile number and names of their subscribers. When you send money from a mobile money agent, verify that the recipient is indeed the person you wish to send money to. Usually the mobile money agent will show you the name of the recipient before proceeding with the transaction.
When the transaction is done, you should receive a transaction message detailing the transaction performed, fee charged and the time. The recipient should equally receive a message showing that money has been sent to them. You can also request statement of previous transactions from your network operator.