Tanzania scraps bank and mobile money transfer fees

Tanzania has scrapped unpopular banking and mobile money transaction fees imposed last year amid public outcry.

Finance Minister Mwigulu Nchemba told lawmakers the charges were abolished following a directive by President Samia Suluhu Hassan.

The move affects charges for transactions from bank accounts to mobile money accounts, transactions within the same bank, and transactions from one bank to another.

A statement from the minister

“I would like to present this report whereby we have made the following adjustments that would reduce the burden of transaction fees in the society,” the minister told MPs.

The changes will come into effect on 1 October.

The minister said the changes will greatly affect the government’s revenue, but ordered state agencies to cut expenditures on snacks, seminars and workshops.

Read also

Ghanaian doctor advises men to have s3x 3 to 4 times a week to reduce the risk of prostate cancer

Tanzania currency
Bank of tanzania currency

To cover the gap, the Minister said: “The government will control its expenditures in various spending’s.”

However, he said that the government has reversed the decision to give tenants a mandate to withhold 10 percent of house rent in both private and commercial buildings.

1 Comment
  1. […] Read alsoTanzania scraps bank and mobile money transfer fees […]

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More