Cabinet approves removal of low‑value transaction fees

Information, Media and Broadcasting Services Minister Soda Zhemu says Cabinet has approved a series of reforms aimed at streamlining regulatory licences and reducing fees across the financial services sector.

Zhemu said the measures are designed to eliminate duplication, cut unnecessary costs and ease the financial burden on consumers and businesses.

"Cabinet approved the streamlining of duplicated and overlapping regulatory licences and permits, removed unnecessary levies and fees, and lowered unjustifiably high levies and fees for the financial services sector," he said.

Key changes include the removal of monthly charges for accounts holding less than US$100, the scrapping of fees on transactions below US$5, and the elimination of cash‑deposit charges for both US dollar and ZiG accounts.

The reforms also cap cash‑withdrawal fees at 2%, remove account‑opening charges, and reduce fees across several sub‑sectors, including microfinance institutions, insurance and pensions, mobile money, fintech and capital markets.

"The reviewed licences, permits and fees will be subjected to further refinements and a comprehensive schedule will be duly gazetted," Zhemu added.

The measures are expected to bring relief to consumers and promote financial inclusion by making banking and digital financial services more accessible.