HARARE, May 12 (NewsDay) - Zimbabwe plans to reduce mobile money transfer charges as part of wider financial sector reforms aimed at lowering transaction costs and improving financial inclusion.
Mobile money users have long complained about high transfer costs, including the Intermediated Money Transfer Tax (IMTT) and charges levied by service providers.
In a statement on Tuesday, the Ministry of Finance, Economic Development and Investment Promotion said cabinet had approved a package of measures targeting the financial services sector, including cuts to banking and digital transaction fees.
The measures include a reduction in mobile money transfer charges and lower cash withdrawal fees for both U.S. dollar and ZiG transactions.
The reforms are intended “to deepen financial inclusion and expand access to affordable financial services,” the ministry said.
Other measures include the introduction of zero-cost bank accounts for micro, small and medium enterprises (MSMEs), lower Reserve Bank of Zimbabwe (RBZ) banking supervision fees, and the abolition of RBZ licence fees for ADLA rural branches.
The government will also review and reduce duty on automated teller machine equipment.
“These measures will lower the cost of financial services and transactions, increasing access to banking, particularly for MSMEs and underserved communities,” the ministry said.
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It said the reforms were also expected to “promote digital financial inclusion, improve liquidity circulation, and strengthen participation in the formal financial system.”
Treasury said the measures form part of broader efforts to improve the ease of doing business, reduce compliance costs and support growth in sectors including manufacturing, health, financial services and real estate.
