The Tanzanian Government has proposed to cut mobile money transaction fees by 43%,a move that will help to reduce the amount of money spent on mobile money transaction by Tanzanians.
In 2021 ,the government had increased the cost to send, withdraw, and transfer money to the bank causing uproar from customers. As a result, the government has now announced plans to review the charges. Dr. Mwigulu Nchemba, the Finance and planning minister made the announcement in parliament on June 14, while presenting the national budget for financial year 2022/23.
“I propose, amendments to the National Payment System Act, CAP 437 by reducing mobile money transaction levy on sending and withdrawing monies from a maximum of Sh7, 000 currently to a maximum of Sh4, 000 on each transaction,” he said.
He added: Along with that, I propose 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.