{"id":272818,"date":"2024-12-30T11:17:36","date_gmt":"2024-12-30T11:17:36","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/30\/tanzania-cancels-charges-on-card-payments-to-boost-digital-transactions\/"},"modified":"2024-12-30T11:17:36","modified_gmt":"2024-12-30T11:17:36","slug":"tanzania-cancels-charges-on-card-payments-to-boost-digital-transactions","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/30\/tanzania-cancels-charges-on-card-payments-to-boost-digital-transactions\/","title":{"rendered":"Tanzania cancels charges on card payments to boost digital transactions"},"content":{"rendered":"

<\/p>\n

\n

Tanzania has scrapped all charges on card payments to encourage a shift towards digital transactions.
The country\u2019s central bank, the Bank of Tanzania (BOT) has issued a notice stating that payments made using debit, credit, or prepaid cards at point-of-sale machines will no longer attract charges.<\/p>\n

Merchants have also been warned not to violate this order, with unspecified penalties in place for non-compliance.<\/p>\n

The East African reports that this move is part of BOT\u2019s efforts to promote digital payments, as announced by Governor Emmanuel Tutuba<\/p>\n

According to Tutuba, the bank plans to promote the use of point-of-sale (POS) machines to facilitate and encourage digital payments.<\/p>\n

This initiative aims to drive the country towards a cash-lite economy, offering advantages such as improved security, transparency, and convenience.<\/p>\n

Tanzania\u2019s digital payment journey<\/strong><\/p>\n

Tanzania\u2019s economy is poised for growth, with the World Bank predicting a positive medium-term outlook and GDP growth of around 6%.<\/p>\n

Key sectors driving this growth include manufacturing, electricity, construction, tourism, trade, and financial services.<\/p>\n

Digital payments are also increasingly popular due to convenience and speed.<\/p>\n

According to Statista, the total transaction value in the Tanzanian digital payments market is projected to reach US$4,430.00m in 2024.<\/p>\n

The report added that the market is expected to reach $2,375.00 million in 2024, with mobile POS payments being the largest segment.<\/p>\n

An earlier report by Business Insider Africa revealed that only a few African countries had over 50% of their population using digital channels for payments.<\/p>\n

The report highlights Kenya and South Africa as leaders in digital payments across the continent.
Countries exceeding 50% adoption of digital channels include Kenya (75.8%), South Africa (70.5%), Ghana (63.7%), Gabon (62.3%), Namibia (58.5%), Zimbabwe (55.7%), and Lesotho (54.9%).<\/p>\n

Tanzania ranked eighth, with 48.4% of its population utilizing digital platforms for transactions.<\/p>\n

According to FinScope, financial inclusion in Tanzania has risen significantly, with 76% of the population now formally included, up from 65% in 2017.<\/p>\n

This growth aligns with the increase in mobile phone ownership, which rose from 63% to 75% during the same period.<\/p>\n

Access to commercial banking services has also improved, increasing from 17% to 22% since 2017, largely due to the enhanced accessibility of these services through mobile phones.<\/p>\n

These trends suggest a continued rise in digital adoption, driven by expanding bank account ownership and smartphone usage\u2014key indicators of digital payment growth.<\/p>\n

Source: Business Insider<\/strong><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Tanzania has scrapped all charges on card payments to encourage a shift towards digital transactions.The country\u2019s central bank, the Bank of Tanzania (BOT) has issued a notice stating that payments made using debit, credit, or prepaid cards at point-of-sale machines will no longer attract charges. 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