Tanzania removed the unpopular banking and mobile money transaction fees that were implemented last year in response to public criticism.
According to Finance Minister Mwigulu Nchemba, President Samia Suluhu Hassan’s decision resulted in the charges being eliminated.
Charges for transfers from bank accounts to mobile money accounts, transfers within the same bank, and transfers between banks are all impacted by the change.
“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.