Zimbabwe moves to cut mobile money charges

Zimbabwe is set to reduce mobile money transfer charges as part of a broader package of financial sector reforms aimed at lowering transaction costs and improving financial inclusion.

For years, mobile money users have complained about high transfer costs driven by service provider fees and the Intermediated Money Transfer Tax (IMTT), which has significantly increased the cost of everyday digital transactions.

In a statement on Tuesday, the Ministry of Finance, Economic Development and Investment Promotion said Cabinet had approved a series of measures targeting both digital payments and traditional banking services.

The reforms include reductions in mobile money transfer fees as well as lower cash withdrawal charges for both United States dollar and ZiG transactions. The ministry said the objective is to deepen financial inclusion and expand access to affordable financial services.

Government also announced changes affecting the wider banking system, including the introduction of zero-cost bank accounts for micro, small and medium enterprises, a reduction in Reserve Bank of Zimbabwe banking supervision fees, and the removal of Reserve Bank licence fees for ADLA rural banking branches. Authorities also plan to review and reduce import duty on ATM equipment.

According to the ministry, these measures are expected to lower the overall cost of financial services, improve access to banking particularly for MSMEs and underserved communities, and support improved liquidity circulation in the economy. Officials added that the reforms are also intended to promote digital financial inclusion, strengthen participation in the formal financial system, and support growth in sectors such as manufacturing, health, real estate and financial services.

The announcement comes amid sustained public pressure for relief from high transaction costs in an economy where mobile money and digital payments play a central role in everyday commerce.