By 
Following a sustained decrease in cheque usage in the country, the Bank of Zambia (BoZ) is contemplating on phasing it out as a payment instrument by December 31, 2025.
The Central bank is, therefore, undertaking consultations from stakeholders on this matter.
According to a notification circulating on social media reportedly from the BoZ, among the reasons for this move included cheques being more prone to fraud associated with forgery and alternations as compared to electronic payment methods.
The Central Bank reportedly also took into consideration climate change, indicating that electronic transfers were environment friendly in comparison to cheques.
Read more: Bank of Zambia to maintain tight monetary policy amid rising inflation
Responding to the queries on the authenticity of the document, BoZ Assistant Director Communication, Besnat Mwanza, confirmed that consultations on this matter were still going on.
Mwanza, however, advised members of the public to treat the notification as unofficial.
“Good morning. Please note that consultations on this matter are still going on. In view of this, treat this notification as unofficial,” Mwanza said in a post on the official BoZ media WhatsApp group.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments