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.
“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.