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Finance Minister defends mobile money levy

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Financial Minister, Dr Musokotwane Situmbeko

Minister of Finance and National Planning Dr Situmbeko Musokotwane has defended the decision to introduce a levy on mobile money transactions as per 2024 National Budget.

Speaking in Lusaka today during a National Budget Symposium, Dr Musokotwane said many people in the country do not contribute to tax but the majority use mobile money services.

He said the levy therefore provides an opportunity for such people to pay a form of tax.

ZANIS reports that Dr Musokotwane said the levy is insignificant compared to the amount of money service providers get per transaction.

The Minister said the public should be more concerned with the amount of money service providers charge for transacting on their platforms.

The Minister, during the 2024 National Budget presentation proposed the introduction of a levy of between eight ngwee and K1.80 on the transaction value for person-to person mobile money transfers.

Speaking at the same event, Secretary to the Treasury Felix Nkulukusa said the Government has prioritised investment in priority sectors to sustain economic growth.

Nkulukusa said the Government aims to achieve an investment friendly environment and increase the private sector through the National Budget.

Bankers Association of Zambia (BAZ) President Mizinga Melu said the association has taken note of the Government’s proposal to reduce interest rates.

Melu said the association will explore ways of attaining this.

And USAID Head of Mission Peter Wiebler said institutions involved in the fight against corruption need to be funded adequately.

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