Bank of Zambia to Phase Out Cheques by June 2026
The Bank of Zambia has announced the complete discontinuation of cheques as a payment instrument in the country by June 24, 2026.
This decision follows extensive consultations conducted from July to November 2024, in collaboration with the Public-Private Dialogue Forum and the Zambia Information and Communications Technology Authority. Stakeholders engaged included government entities, corporates, SMEs, financial institutions, and the public.
The decision to phase out cheques is driven by several factors, including an 80% decline in cheque usage over the past decade, the rise of efficient electronic payment methods, and the persistent risks of fraud and dishonoured cheques.
Additionally, the shift aligns with environmental sustainability goals by reducing paper use, and it optimizes resources by eliminating the high costs of cheque-related infrastructure.
Transition Roadmap
The transition will proceed as follows:
- December 20, 2024: Circular on the roadmap issued to financial institutions.
- February 28, 2025: Last day for customers to request cheque books.
- June 24, 2026: Last day for cheque deposits.
- June 26, 2026: Final date for interbank cheque clearing.
The Bank encourages individuals and businesses to adopt electronic payment methods such as internet banking, mobile banking, and mobile payment systems.
