Telecash reduces tariffs to encourage plastic money use

Bill payments have also been reduced from a maximum of US$3,70 down to US$1,50

TELECASH, Telecel’s mobile money service, has announced a reduction in tariffs on the mobile financial platform. This is in line with recent efforts by authorities to encourage the use of electronic payments, mobile and plastic money to help ease the current cash shortage and improve financial inclusion.

The changes to the tariffs are across Telecash’s entire range of services and payment options, including cash-outs. The most notable and significant changes are the reduction of Telecash’s Gold debit card charges from a maximum of US$2,95 down to only US$0,45 while transactions of less than $2 are now free.

Bill payments have also been reduced from a maximum of US$3,70 down to US$1,50 with bill payments of under US$5 being free of charge.

“Our decision to lower Telecash tariffs is in response to the need to encourage and make more affordable the use of electronic and plastic money in line with government’s efforts to ease the current cash crisis,” explained Violet Masunda, Telecel’s acting Head of Mobile Financial Services.

“The reduction of Telecash tariffs will also improve financial inclusion as disadvantaged and low-income segmentsof our customer base will find mobile banking more affordable and attractive,” said Masunda.

Telecash was already offering the lowest mobile financial services charges prior to these further reductions in their tariffs. The reduction in the tariffs is effective immediately.  Government has been encouraging the use of electronic, mobile and plastic money to ease the on-going cash shortage that has seen banks being forced to lower daily withdrawals limits.

Follow us on Twitter on @FingazLive and on Facebook – The Financial Gazette