Regulatory Alerts2024-01-01
Phasing Out of Cheques as a Payment Instrument in Zambia
The Bank of Zambia has mandated the complete phase-out of cheques as a payment instrument in Zambia, effective June 24, 2026. This decision follows an 80% decade-long decline in cheque usage and aims to enhance payment security, reduce operational costs, and accelerate the transition to a 24/7 digital economy. Commercial banks and financial institutions must cease issuing new cheque books by March 31, 2025, stop accepting cheque deposits by June 24, 2026, and terminate interbank clearing by June 26, 2026, while actively guiding customers toward electronic payment alternatives.
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