Bank of Zambia Announces Plan to Phased Out Cheques by 2026
The Bank of Zambia (BoZ) has unveiled a comprehensive plan to phase out the use of bank cheques nationwide, with the final discontinuation scheduled for June 24, 2026. This major decision comes in response to an 80% decline in cheque transactions over the past decade.
In an official statement, the BoZ cited the rapid rise of electronic payment methods and growing concerns over security as key factors driving the transition.
The bank pointed out that cheques are highly susceptible to fraud, including forgery, alteration, theft of cheque books, and unauthorized use.
The phase-out will occur over an 18-month period, starting with a public notice on December 27, 2024. Following this, commercial banks will cease issuing new cheque books to customers after February 28, 2025.
Customers will have until March 31, 2025, to deposit any remaining cheques at commercial banks, with the final interbank cheque clearing scheduled for June 26, 2026.
This structured timeline aims to provide ample time for customers to adjust to the transition to electronic payment methods.
