Mozambique: Central bank orders cuts to e-transfer fees for three months

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Mozambique: Central bank orders cuts to e-transfer fees for three months

11:16 CAT | 01 Apr 2020

File photo: Lusa

The Bank of Mozambique has decreed a reduction in charges and commissions on electronic transactions in commercial banking and electronic money applications to mitigate the negative effects of Covid-19, it announced on Tuesday.

Commercial banks are no longer levying “charges and commissions for transactions carried out through digital channels up to a daily limit of five thousand meticais (€67), for individual clients,” the Bank of Mozambique note said.

The communiqué, which speaks of “extraordinary measures”, states that the exception is withdrawals from automated teller machines.

The document added that commissions and charges for transfers between banks and e-money institutions, for individual clients, are cut by half.

E-money applications – managed from the mobile phone to whose number they are associated – no longer levy charges and commissions on transfers between clients up to a daily limit of one thousand meticais (€13).

The limit per transaction has been doubles to 50 thousand meticais (€676), as well as the daily total to 250 thousand meticais (€3,400).

Mozambique’s President, Filipe Nyusi, declared on Monday the state of emergency in the country during April, imposing limitations on internal circulation and border entries, among other measures to prevent the pandemic caused by the new coronavirus.

Mozambique has a total of eight confirmed cases officially registered since the beginning of the pandemic, six imported and two by local transmission, without deaths.

The new coronavirus, responsible for the Covid-19 pandemic, has infected more than 750,000 people worldwide, of whom more than 36,000 have died and at least 148,500 are considered cured.

Source: Lusa