Yo Uganda provides solutions that improve productivity, cut expenses, spur growth, and boost profits for companies, nonprofits, and individuals.
Many companies, nonprofits, and private individuals rely on the solutions provided by Yo Uganda to improve productivity, cut expenses, spur growth, and boost their profits.
In 2010, Yo! Launched and successfully ran the first multipurpose mobile payments aggregation service in Uganda, called Yo! Payments. Yo! Has since remained at the forefront of creating financial technology solutions for companies.
The business offers full support for Mobile Money services through its Yo Payments platform, integrating with many banks, utilities, and clients looking to send and receive payments through all of Uganda’s active mobile networks.
Here is how Yo Uganda works, the charges involved and the documents required to get you started as a Yo Uganda customer.
How Yo Uganda works
Yo Uganda seeks to integrate all mobile money service providers and give account holders of Payments a standardized way to accept payments from any customers who have a subscription to any mobile money service provider.
Except for Network Operator Charges, all transaction fees are noted on your statement. By selecting “See Statement,” you may see all transaction fees that have been charged to your account.
Below is a breakdown of all mobile money transactions
Mobile money transactions
You can send money from your account to a mobile money account using Yo! Payments, and you can also receive money into your account from a mobile money account.
You must have a Business Account to receive funds from a mobile money account.
Charges you can expect to incur for mobile money transactions
These are the charges for mobile money transactions.
For mobile money transactions coming in;
A transaction fee of 3% of the transaction’s value is charged for transfers of money from a mobile money account holder into your Yo! Payments account.
Note: Normal Network Operator Pay-Bill transfer fees may be charged to the subscriber of the mobile money account.
For outgoing Mobile Money Transfers;
A flat transaction fee of UGX250 is charged for any transactions involving the transfer of money from your Yo! Payments account into a mobile money account. Be aware that standard network operator bulk payment fees can be charged.
(For payments to MTN Mobile Money Accounts, a bulk payment cost of UGX390 applies, for payments to Airtel Money Accounts, a bulk payment fee of UGX300 applies).
For Bank Transfers;
Standard Real-Time Gross Settlement (RTGS) or SWIFT Telegraphic Transfer fees are applicable for transactions involving the transfer of money from your Yo! Payments account into your bank account.
Internal Transfers;
Transfers from your account to the account of another Yo! Payment users are subject to a 0.5% per transaction fee.
How to become a Yo Payment Account Holder.
There are 2 types of accounts that you can choose from; Business Accounts and Personal Accounts.
All Yo! Payment features, including API access and the capacity to accept payments from holders of mobile money accounts, are available to business accounts.
Yo! Payments Business Accounts are for use in businesses. Personal accounts lack access to APIs and are unable to accept payments from users of mobile money accounts. Personal accounts, however, have every other feature.
You may open a Yo! Payments account in 3 easy steps.
- Go to the Yo! Payments Website
- Accept the Service Terms
- Sign Up for an account.
After completing the sign-up process, your Yo! The payments account is ready for use. After that, a Personal Account will be created for your use automatically after the enrollment procedure is complete.
You may upload scanned copies of the required papers to your account using the “Upload Document” tool. But that’s only if you wish to convert your account to a business account.
Changing to a business account requires these documents
- Scanned Copy of your Business’ Certificate of Incorporation or Equivalent Legal Document
- Scanned Copy of a Proof-of-Address Document, in your business’ name.
- A scanned Copy of Company Form 7 Clearly shows a list of Directors and their Address
- Signed letter from the managing director of your organization authorizing the use of the service
- If you require access to the API, a signed Non-Disclosure Agreement (NDA)
- Provide a summary of the goods and services you plan to provide through the business account. You can do this by just including the information in a PDF document that you upload.
- Once you’ve finished, send an email to payments@yo.co.ug. Your email should have “Upgrade to Business Account” in the subject line. It takes no longer than one business day to upgrade from a Personal Account to a Business Account.
Conclusion
And that’s how Yo Uganda works! All the required documents for opening a business account or a personal account are included in this article.
Yo Uganda will help your business cut expenses, boost profits and start your journey toward growth in just a short time. If you haven’t yet applied, this information should be able to ease things up.
