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The Bank of Zambia (BoZ) has announced June 26, 2026, as the final day for using cheques as a mode of payment in the country, citing a sustained decline in cheque usage and advancements in financial technology.
According to a statement issued on Monday, the decision followed extensive consultations conducted between July and November 2024 with various stakeholders, including the government, financial institutions, businesses, and members of the public.
The central bank attributed the decision to several factors, including an 80 percent reduction in the value of cheque transactions over the past decade and the emergence of faster, more efficient electronic payment methods.
“The number of unpaid cheques due to insufficient funds, invalid signatures, and other issues has remained high, reducing confidence in payment systems,” the statement explained.
The BoZ emphasized that advancements in financial technology had introduced instant and reliable payment options, rendering cheques less relevant in modern financial systems.
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