By Jane Chanda
The Bank of Zambia has set a timeline for phasing out cheque usage, marking a significant shift towards digital and electronic payment methods.
In statement yesterday, the bank announced that, as of February 28, 2025 customers would no longer be able to request cheque books from commercial banks, with banks ceasing issuance by March 31, 2025, aiming to encourage businesses and individuals to adopt more efficient and secure banking solutions.
The statement revealed that the key milestones in the phase-out schedule included June 24, 2026, as the last day for customers to deposit cheques at any commercial bank, and June 26, 2026, as the final day for interbank cheque clearing.
The BoZ stated that their initiative promoted a cashless economy, enhancing financial transaction security and convenience.
