Tanzania has repealed unpopular banking and mobile money transaction fees that were imposed last year in response to public outrage.
Finance Minister Mwigulu Nchemba told lawmakers that the charges had been abolished as a result of a directive from President Samia Suluhu Hassan.
Charges for transactions from bank accounts to mobile money accounts, within the same bank, and from one bank to another are affected by the change.
“I’d like to present this report, in which we have made the following adjustments to reduce the burden of transaction fees in society,” the minister told MPs.
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The changes will take effect on October 1.
The minister stated that the changes will have a significant impact on government revenue, but he directed state agencies to reduce spending on snacks, seminars, and workshops.
Source: BBC
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