How can I get mytalu?
The mytalu app will be available on the Google Play Store and Apple App Store very soon!
Which countries do you operate in?
We are launching in Uganda very shortly. Next on our roadmap are the UK and Zambia, with many more countries coming soon. To stay up to date, sign-up for our newsletter by clicking the Get Early Access button.
What type of account is my mytalu Account?
Your account is a ‘virtual’ account that holds your e-money. E-money is defined as an electric alternative to cash. On receipt of money into the mytalu ecosystem, you will be issued with an equivalent value of e-money to undertake operations within the mytalu ecosystem.
What is your pricing?
- Opening a mytalu account is free
- Creating a Virtual Card is free
- Opening additional Currency Balances is free
- Sending money to other mytalu users is free
- Sending money to a mobile money account incurs a cost of 2.4% of the value of the transfer
- Sending money from a mytalu local account to an account in the same country incurs a fee of $1.00
- Paying for Bills and Buying Airtime incurs a fee of 1% of the value, plus $0.28 per purchase
- Purchasing items in US Dollars through a mytalu virtual card incurs a fee of $2.50 per transaction
- Mytalu charges a fee on foreign exchange conversions of 1.5% on the daily mid-market rate on US Dollars, British Pounds and Euros. On all other currencies, mytalu charges a fee of 3% above the mid-market rate
How to I keep my account secure?
We do everything we can to keep your money safe. We ask you to do the same by keeping your security details safe. We encourage you to disguise or protect them should you write them down. You should not share or disclose your security details with anyone. Please do fully close down the mytalu app when it is not in use and keep your mobile phone and email account secure. Do not let other people use them. If your account has been breached, or your security details have been compromised, let us know immediately.
You can email us at Customer Support or send us a message through the mytalu app.
How is my money protected?
When you add money to your account, the equivalent value of e-money is credited to your account immediately.
The money that we receive is placed into a dedicated client money bank account that is held with large commercial or central banks (client money accounts keep your money separated from our own money, and the banks that can be used are subject to regulations).
This process is called safeguarding
Funds are safeguarded until the e-money is used to either pay bills or send money to sub-wallets.
With the safeguarding method, you, the mytalu account holder, are protected from an adverse event such as insolvency. In that event, you would receive the full value of your e-money balance from the client money bank account, where the funds were being safeguarded.
The money in your account isn’t covered by the Financial Services Compensation Scheme (because it is safeguarded instead)
Can I store cryptocurrency in my wallet?
No – at the moment we only support fiat money, such as US dollars and Ugandan Shillings, which are backed by governments.
How to use mytalu
Money is added to your mytalu account through a bank transfer or mobile money top-up. Your mytalu account has account details that you must use to make a successful deposit. Upon arrival, your mytalu account will be credited with the corresponding value of e-money.
Using your balance
Once you have e-money in your account you’ll be able to use our services. Examples of the operations that can be undertaken primarily revolve around two functionalities, both of which involve the conversion of funds through FX capabilities (Currency Conversion);
- Sending money to designated mytalu sub-wallets in our ecosystem belonging to pre-established persons
- Paying for bills directly in overseas countries
What exchange rate do you use?
We work with a dedicated third-party FX provider in order to provide competitive FX rates. The exchange rate may fluctuate from time to time due to the nature of the currencies that we operate with.
In order to pay for a bill (Utility, Water, Electricity) in one of the supported foreign countries, simply select the appropriate functionality from within the app and submit details regarding which type of bill you would like to pay for and provide key account details.
Closing your account
You can close your account at any time through the mytalu mobile application. Please follow on-screen instructions to complete this. The primary requirement will be to ensure that there are no funds within any of the wallets in your account. Please note, any prepayments which are allocated to cards linked to your account will be lost upon closure.