WorldRemit limits transaction fees on mobile money

World Remit mobile money UK-based money remittance company WorldRemit has limited transaction fees on its mobile money services across its markets including Uganda regardless of the amount a customer is transacting.

According to BusinessDaily Africa , the move, aimed at easing life and also increasing mobile money usage betwixt the coronavirus global pandemic, will see WorldRemit customers pay a flat fee of UGX 3,725 ($0.99) in all transactions effective 10th April 2020.

This is is about a 50% reduction in transaction fees as the remittance firm has been charging customers a transaction fee of UGX 7,488 ($1.99) people sending $100 (UGX 377,000) and UGX 11,250 ($2.99) for customers sending (UGX 752,569) $200 to friends and relatives. Those who have been sending $1,000 (UGX 3.77 million) have been parting with UGX 22,539 ($5.99) in transaction fees.

World Remit handles about 74 percent of remittances to popular mobile money services across Africa such as MTN, Ecocash, Tigo Pesa, M-Pesa and Airtel Money, making it the global leader in mobile-to-mobile international money transfers.

Apart from mobile money, World Remit also says that transfers to Standard Chartered and DFCU banks are currently unavailable at this time. Movement restrictions are in place until 14th April 2020. Banks are open, but with reduced operating hours. Midwest Forex Bureau has closed both its branches in the CBD until 14th April 2020.

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