MTN Uganda has launched its MTN Mobile Money(MMM) the fastest, easiest and most affordable way to send money to any mobile phone in Uganda. On signing up for MTN MobileMoney, your sim card will be swapped with one that is Mobile Money enabled for you to be able to send money. It is important at this point to know that to receive money you do not need to be registered for MMM but the person sending will be registered and to register you need a copy and an original of your identification.

Your phone number is your MTN Mobile Money account which can be activated with the amount that you would wish to send which ranges between a minimum of  5,000 shillings to a maximum of 1,000,000 shillings. A message will be sent to you confirming how your account has been credited with the amount you have just loaded.

Sending Money
After loading your account with money as seen above you are ready to send. Go to Menu, Select Mobile Money and follow prompts. The person you are sending money will receive an sms confirming that they are being paid plus the amount.

Receiving Money
The recipient will then rush to the nearest agent with proper identification to collect their cash. They should have received a token number which should also be declared to the agent

Agent
To be an agent one is required to have a limited company with proof of location and at least a minimum of one outlet, certificate and memorandum of understanding, cash float of 1,000,000 shillings and another 1,000,000 to be deposited in the nearest Stanbic bank. Most agents had not kicked off with the service today claiming that the deposit money they had banked was not yet reflected on their accounts. By Monday most of the agents should be more than ready to roll out the service. 2 operators, a photocopier plus other office items should be in place before operating this kind of dealership. Otherwise 600 agents have been signed up for the service country-wide.

The service is currently operational in Uganda only. Post Bank has been dominating the service of sending and receiving money but at relatively high prices. With MMM you pay nothing if you are receiving and also pay as little as 800 if you are sending 5,000/- to a registered user and for the same amount, you will pay 1,600/- if you are sending to a non registered user. The plot here is to be registered so that you pay a lesser charge.

In the nutshell the service is very convenient and will go a long way in bridging so many gaps. Other Telecom carriers will certainly follow suit.