Mobile Money Transaction Tax Now in Effect After National Budget Announcement

Mobile Money Transaction Tax Now in Effect After National Budget Announcement

The tax levy on mobile money transactions, outlined in Finance and National Planning Minister Situmbeko Musokotwane's 2024 national budget presentation, has now been activated. Musokotwane initially introduced the levy on September 29, 2023, with a fee structure ranging from eight ngwee to K1.80 based on the transaction value for person-to-person mobile money transfers.