Bank of Tanzania Issues New Guidelines on Fees and Charges for Non-Bank Payment Systems Providers, 2024

The Bank of Tanzania has released comprehensive guidelines for non-bank payment systems providers to ensure fair and transparent fee structures. These guidelines, cited as “Guidelines on Fees and Charges for Non-Bank Payment Systems Providers, 2024,” aim to protect financial consumers and promote financial inclusion. Key highlights include:

• Governance and Internal Controls: Providers must establish strong governance structures, with clear roles and responsibilities for boards and senior management in setting and reviewing fees.
• Fee Imposition: Providers are required to impose reasonable and affordable fees, considering service benefits, customer segments, and the needs of marginalized groups.
• Prohibited Fees: Certain fees, such as for call center services, account maintenance, and balance inquiries, are explicitly prohibited to protect consumers.
• Disclosure Requirements: Providers must transparently display and publish fees and charges in business premises, loan agreements, and online platforms, ensuring consumers are informed prior to transactions.
• Sanctions and Penalties: Non-compliance with these guidelines can lead to severe sanctions, including suspension of operations, fines up to TZS 20 million, and public reprimands.

These guidelines reflect the Bank's commitment to balancing business sustainability with consumer protection, fostering innovation, and enhancing access to formal financial services.

This and other guidelines can be found on the BoT website https://www.bot.go.tz/Publications/Filter/40

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