Bank of Tanzania reaffirms zero charges on digital card payments
What you need to know:
- This declaration came in a public notice issued today Monday, December 23, 2024 where the central bank made it clear that merchants are prohibited from levying any surcharges or additional fees on card transactions. This move is part of BoT's broader strategy to encourage a cash-lite economy, ensuring that Tanzanians have access to secure, transparent, and cost-effective payment options.
The Bank of Tanzania (BoT) has reaffirmed its commitment to promoting digital payment systems, announcing that consumers will not incur any charges for payments made via debit, credit, or prepaid cards at merchant Point of Sale (POS) terminals.
This declaration came in a public notice issued today Monday, December 23, 2024 where the central bank made it clear that merchants are prohibited from levying any surcharges or additional fees on card transactions.
This move is part of BoT's broader strategy to encourage a cash-lite economy, ensuring that Tanzanians have access to secure, transparent, and cost-effective payment options.
“Digital payments offer a safer and more convenient alternative to traditional methods, and it is vital that we continue to embrace these innovations for a modernised financial system,” said Emmanuel M. Tutuba, Governor of the Bank of Tanzania.
He further emphasised that the adoption of digital payment solutions is key to streamlining the nation's financial infrastructure.
BoT also called on the public to report any instances where merchants impose additional charges during card payments, reinforcing their commitment to protecting consumers and fostering trust in the digital payment landscape.
