The Tanzania government has announced plans to abolish the charge for transferring funds from banks to mobile networks.
The decision was announced by the Minister of Finance and Planning, Dr Mwigulu Nchemba, in Parliament, who earlier on Tuesday issued a government statement on citizens’ complaints about ongoing charges in the country.
Dr Mwingulu further announced plans to abolish the charge for transferring money within a single (mutual) bank and abolish the charge for transferring money from one bank to another (round) bank.
“The Ministry of Finance and Planning, through its Budget experts and policy experts engaging stakeholders, has acted on the Party’s directives and the Directives of Hon. Samia Suluhu Hassan, for reviewing the charges.I would like to submit a statement that we have conducted the review as follows: Reducing the burden of charges on communities, stimulating the use of cash transactions (cash); Simplifying the billing, and prohibiting the double charging of the relevant charges since its charging currently involves both the giver and the recipient.” Dr Mwigulu Nchemba Minister of Finance, Tanzania.
Moreover, merchants will not be involved as per current regulations.
This will also include exempting transaction charges on cash issuance through banking agencies and ATMs for transactions worth not more than Ksh 30,000 and reducing the cost of transactions by 10 per cent to 50 per cent, depending on the transaction group.
The reforms are expected to take effect on October 1.
Read also; Vodacom Rolls Out 5G Network in Tanzania.
