Overview:
Airtel Mobile Commerce Uganda Limited (AMCUL) Managing Director Japheth Aritho said the decision was made to improve digital financial inclusion in the country.
Airtel Money has slashed transaction fees for sending money to other networks by up to 95%.
Under the changes, a customer will now send money across other networks and Airtel East Africa for as low as UGX1,000.
Announcing these new developments on Thursday, Airtel Mobile Commerce Uganda Limited (AMCUL) Managing Director Japheth Aritho said the decision was made to improve digital financial inclusion in the country.
“That is the Christmas offer that we are giving. Sending money in Uganda on any network and across East Africa Airtel to Airtel is Shs1,000,” he said.
“What we have done today, we have decided that Airtel money will become like a currency. Sending money to Airtel to any network within Uganda will be the same price. From Airtel to another network,” Aritho said.
AMCUL also announced a 78% reduction in Airtel Money charges to other Global Networks.
Transactions that previously cost you Shs20,000 will now cost Shs1,000 and that is not all while sending money to Airtel EA will now cost you as little as Shs1,000.
“AMCUL will continue, without differentiation, to extend the frontiers of e-commerce to all Ugandans, their partners, and families across the globe. I would like to extend our gratitude to our partners, especially the media, for keeping the financial inclusion discussion on the agenda,” Aritho said.
Pamella Nakityo, the Head of IMT at Airtel Money, said this reduction is meant to remove any barriers to money transfer from Uganda to the rest of the world.
According to a Market Research Report (2017) by Financial Sector Deepening Program (FSDP), the demand for interoperability by end users of financial services was high, even though faced with high charges. Most respondents indicated sending (98%) and receiving (97%) money across networks (off-net) as being important or necessary.