Regulatory Alerts2013-01-01
Phasing Out of Cross-Border Cheques and Drafts within Common Monetary Area Countries
The Bank of Zambia issued Circular No. 11/2013 to instruct all financial institutions to cease issuing cross-border cheques and Rand drafts effective July 22, 2013. This regulatory change aligns with the Payments Association of South Africa's announcement that such paper instruments will no longer be accepted for payments within the Common Monetary Area due to their high risk, inefficiency, and low usage. Institutions are required to advise customers of this discontinuation and ensure the provision of suitable electronic payment alternatives.
Share