Mobile Money: 10 Frequently Asked Questions Answered

The importance of mobile money can not be under estimated. This service has made the storage and transfer of money very easy. More so, it has made payment of bills and other services very convenient.

With the growing use of Mobile Money, today we look at the 10 most frequently asked questions and the answers to them.

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What is Mobile Money

Mobile Money is a mobile commercial service provided by various telecom networks that allows you to use your mobile phone as an electronic wallet. Customers can load money into their mobile phones which is then converted to electronic money. The e-Money can then be used anytime, any day. It is a convenient alternative to bank accounts and can be used on basic phones as well as smartphones.

How do I register for and activate my Mobile Money account

You will need to have a registered mobile number. If not registered, go to your nearest service center and have your sim card registered. Then dial *165# for MTN and follow the prompts, *185# for Airtel and follow the prompts and *144# for Africell and follow the prompts.

Do I need to have a minimum amount on my Mobile Money account

Unlike a bank account where you need a minimum amount on your account, with Mobile money, you do not need a minimum amount on your account. However, there are minimum amounts needed to carry out different transactions.

Minimum Amount to send 500
Daily Transaction Limit 7,000,000
Maximum Account Balance 15,000,000
Minimum Account Balance 0

What services can I use mobile money for

There are several services available for Mobile Money customers;

  • Send and receive money in Uganda and abroad.
  • Save and borrow money.
  • Deposit and withdraw from your bank account.
  • Withdraw from ATMs.
  • You can pay for the telecom network Services, like data bundles, bills, airtime among others.
  • Used to pay for goods and services.
  • Pay for utilities like water and UMEME among others.

Related Article: A quick guide to getting mobile money loans in Uganda

How can I link my bank to my mobile money account.

To link your bank account with your mobile money account, you must fill in and authorize/sign the account linkage with the telecom network partner banks that you have an account with. With this, you are able to deposit or withdraw money from your bank account.

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What do I do in case of a wrong transfer

The case with wrong Mobile Money transfer should be minimal because you will always have a chance to review the transaction details for confirmation before submission to the system. If however, you send money to the wrong number, immediately call the telecom network Customer Care Center within 7 days of performing the transaction. Once the case has been lodged in, the telecom network will endeavor to reverse the funds back to the sender. This process takes 24 hrs.

Please keep in mind that the telecom network will not be liable if the funds have already been withdrawn by the receiving party, or sent from one person to another subsequently.

If I lose my SIM card, will I lose my mobile money

Mobile Money services are safe even if you lose your phone. All your transactions are protected by the highest level of security and your PIN. You can replace your SIM card at any of the Telecom network’s outlet facilities. Your mobile Money account will be immediately available to you following completion of the SIM card replacement process. As soon as you find out that your phone is lost or stolen immediately alert Customer Care so that activities from your line are blocked.

How safe is money on my mobile money account

Your money is safe since every transaction uses a very high encryption standard that adheres to highest banking security standards and your PIN. In addition to this your airtime account and mobile Money account are kept separate.

Where can I deposit or withdraw money on my phone

Cash-in and cash-out can be done at any of the Telecom network’s shops, Authorized mobile Money agent outlet or any of the Partner banks nationwide.

Who are mobile money agents.

These are branded partners to the telecom networks that provide mobile Money services. The range and type of agents are continuously being extended to maximize coverage and convenience to include Banks, Supermarkets, small merchants, petrol station chains and even sole proprietorship. If you are interested in becoming an agent, see the ultimate guide to being a mobile money agent in Uganda.


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