The government is mooting imposing taxes on “alternative” payment platforms like PayWay, Ezeemoney, and agent banking because the recently introduced mobile money tax does not apply to them, according to the state minister for finance
One of the things to watch out for at the annual bankers conference is what bankers say about the new levies on mobile money transactions, especially, which have become a central feature in their digital offerings, and excise duty increases
First, President Museveni reduced the mobile money tax from the initial 1% of all transactions to 0.5% on transactions other than deposits. Now, he’s explained his directive – calling the 1% levy a “mistake” and ordering a refund for those taxed at that rate
Financial inclusion is low in Uganda because banks find it costly and unprofitable to extend services to rural areas. But even in urban areas, their services are expensive. Mobile money is the only financial service that has bucked those trends
Supporters of mobile-based sports betting in Africa will tell list off a number of gambling benefits including increased employment opportunities, easy money for low-income earners, tax revenue for government, and general economic growth.
Stanbic’s platform is the second mobile banking product after MoKash, a partnership between MTN and Commercial Bank of Africa which launched in August. Kenya’s Equity Bank is also exploring the possibility of extending its Equitel service to Uganda.
The mobile money sector is dominated by two telecoms, MTN Uganda and Airtel, who together account for 99% of mobile money agent market presence, according to a new report. The market leader is MTN with 57%, followed by Airtel with 42%.