The Zimbabwean government has announced plans to reduce mobile money transfer charges as part of wider financial sector reforms aimed at lowering transaction c...
The Zimbabwean government has announced plans to reduce mobile money transfer charges as part of wider financial sector reforms aimed at lowering transaction costs and improving financial inclusion across the country.
The reforms come after years of complaints from mobile money users over high transfer fees, including charges imposed by service providers and the Intermediated Money Transfer Tax (IMTT), which has increased the cost of digital transactions for individuals and businesses.
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In a statement issued on Tuesday, the Ministry of Finance, Economic Development and Investment Promotion said Cabinet had approved a package of measures targeting the financial services sector to make banking and digital transactions more affordable.
Among the approved measures is a reduction in mobile money transfer charges as well as lower cash withdrawal fees for both United States dollar and ZiG transactions.
According to the ministry, the reforms are intended “to deepen financial inclusion and expand access to affordable financial services” for citizens and businesses operating in different sectors of the economy.
The government also announced plans to introduce zero-cost bank accounts for micro, small and medium enterprises (MSMEs) as part of efforts to support small businesses and encourage wider participation in the formal financial sector.
Additional reforms include reductions in Reserve Bank of Zimbabwe (RBZ) banking supervision fees and the abolition of RBZ licence fees for ADLA rural branches. Authorities said these changes are expected to reduce operating costs for financial institutions and improve service delivery in rural communities.
The government will also review and reduce duty on automated teller machine (ATM) equipment to support expansion of banking infrastructure and improve access to cash and banking services.
“These measures will lower the cost of financial services and transactions, increasing access to banking, particularly for MSMEs and underserved communities,” the ministry said in the statement.
Treasury added that the reforms are expected to promote digital financial inclusion, improve liquidity circulation within the economy and strengthen participation in the formal banking system.
The government said the measures form part of broader economic reforms aimed at improving the ease of doing business, reducing compliance costs and supporting growth in sectors such as manufacturing, health, financial services and real estate.
The latest reforms are also expected to encourage greater use of formal banking channels and digital payment systems at a time when mobile money platforms continue to play a major role in everyday financial transactions in Zimbabwe.
While authorities have announced the policy direction, businesses and consumers are now expected to monitor how quickly the new measures are implemented and whether the reforms will result in noticeable reductions in transaction costs across the financial sector.
