DAR ES SALAAM: THE Bank of Tanzania (BoT) has reaffirmed its commitment to advancing digital payments by ensuring that card transactions at merchant Point of Sale (POS) terminals remain free for consumers.
“One of the key measures taken is ensuring that payments made using debit, credit, or prepaid cards at merchant POS terminals are completely free of charge for consumers.
“The Bank hereby reminds the public that merchants are strictly prohibited from imposing any additional fees or surcharges on card transactions,” BoT stated in a release issued yesterday.
The Bank said the digital payments are a safe, convenient and cost-effective method for conducting transactions. According to the central bank, their adoption contributes to building a cash-lite economy while offering the benefits of enhanced security, transparency and ease of use.
By making card transactions free at merchant POS terminals, the BoT is encouraging consumers to embrace cashless payments, thereby fostering a more efficient and secure financial ecosystem. This initiative helps reduce reliance on physical cash, supporting the shift towards a cash-lite economy.
The increased use of digital payments enhances financial inclusion, promotes transparency, and facilitates smoother transactions, all of which are fundamental to the growth of a robust digital economy.
Furthermore, this shift not only modernises the financial landscape but also drives economic efficiency, reduces the costs associated with cash handling and boosts trust in digital platforms.
Moreover, the emphasis on secure and transparent transactions aligns with global trends, positioning Tanzania as a forward-thinking player in the digital economy.
A cashless economy reduces the risks and costs associated with handling physical cash, enhance transaction efficiency and strengthen financial inclusion by making payments accessible to more people.
This shift also supports the government’s goals of fostering transparency, curbing informal economic activities and positioning Tanzania as a competitive player in the global digital economy
