As long as your bank is registered with a telecommunication company like; MTN, Airtel or Africell, in consideration to mobile banking, you can send money from your mobile money account to your bank account.
Mobile money is an electronic wallet service that allows people to receive, store and spend money using a mobile phone. It has grown to become a popular alternative to banks because of its ease to use, and convenience. The service can be used anywhere there is a mobile phone signal — one reason people have resorted to using it instead of banks.
Banks have now joined the mobile money space for survival partnering with telcos as the two seek to exploit the power of synergies to grow their revenues. The gap between commercial banks and mobile money service providers continues to get thinner by day as the two continue synchronizing service provision to offer seamless customer experience.
With this partnership comes a lot of advantages and one being able to have Wallet to Bank or Bank to Wallet transactions.
In this article, we briefly highlight how you can send money from you mobile wallet to your bank. This piece comes at a time when government, banks, and telcos are highly requesting the public to use mobile banking to pay for utilities, shopping, pay for products & services, among other to avoid use of physical cash that has been considered a way of transmitting coronavirus.
MTN Uganda fully scrapped off transaction fees on sending mobile money; Person-2-Person or Wallet (mobile money account) to Bank for 30 days. Thus, while depositing money to your bank using MTN mobile money, you incur no fee, at least for the next 30 days.
There are three important things to consider; one, you have a registered MTN mobile number. Second, you have a bank account, and finally your bank is registered for mobile banking with MTN. With these three considered available, here’s how to send deposit money to bank from MTN Mobile Money wallet.
- Dial *165# and select Financial Services (option 6).
- Because we depositing, select Bank Deposit (option 1).
- Scroll through the bank options to select your bank.
- Once selected, you bank account number (if you have more than one) will appear.
- Select the account you want to deposit money to, enter how much you need to deposit and finally confirm the process using your mobile money pin number.
- In a few minutes you will get an SMS to confirm that you deposited money to you bank account. We also highly recommended you follow up with the bank to make sure that you money is deposited. Or you can check your balance since it is still mobile banking. All you have to know is your bank’s USSD code, dial it, and follow the prompts.