Tanzania has announced plans to reduce mobile money transaction fees by 43%.
While presenting the national budget for financial year 2022/23 in Parliament on 14th June, Finance and planning Minister Mwigulu Nchemba said the proposal will reduce mobile money transaction levy on sending and withdrawing monies from a maximum of TSh7, 000 currently to a maximum of TSh4, 000 on each transaction.
The Minister further proposed to extend the base and include all electronic transactions. This measure is intended to reduce the cost of living for Tanzanians, especially during the current period of ongoing economic crisis, and to rationalize the transaction levy.
In efforts to raise its revenue collections the government in 2021 imposed a tax on mobile money causing an outcry from the public.
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