25 March 2020 – Banks waive transaction costs

Type of Intervention: Specific Action
Sectors Involved: Finance/Economy, Private Sector and Businesses
Level of Jurisdiction: National
Lead People/Agency: The decisions were made by Ugandan commercial banks at their own discretion following a non-binding request from the Central Bank to assist in financial stability through reduction of transaction costs. The implementation remains at the discretion of each commercial bank although the Uganda Bankers Association is a key actor in consolidating and setting private sector practice.

Overview: Reduction or waiving of transaction costs associated with mobile money transactions at Ugandan commercial banks. The target audience was all Ugandans who have accounts with banks (formal sector) and those who regularly use mobile money as a form of financial transaction. The intended effect was to stimulate continued movement of money within the country without causing further strain to users of the financial system.
Full details here: https://www.monitor.co.ug/Business/Finance/Banks-waive-digital-transaction-charges-coronavirus-bites/688608-5504952-exea3oz/index.html

Type of Justification: Advice of INTERNAL government advisory committee or group, No justification given
Evidence/Justification: The justification is the request of the Bank of Uganda to reduce transaction rates in order to maintain financial stability.