PHASING OUT CHEQUES AS PAYMENT INSTRUMENT IN ZAMBIA TO TAKE EFFECT FROM JUNE 24, 2026
The Bank of Zambia has announced that cheques will no longer be accepted as a payment instrument in Zambia from June 24, 2026.
This decision follows countrywide stakeholder consultations held between July and November 2024, in collaboration with the Public Private Dialogue Forum and the Zambia Information and Communications Technology Authority -ZICTA-.
According to a public notice issued by the Bank of Zambia on the phasing out of cheques, the decision has been informed by the sustained decline in usage by 80% in the last 10 years, the emergence of electronic payment methods and insecurity, making cheques more prone to frauds associated with forgery, alterations, theft of cheque books and unauthorized use.
Other reasons for the phasing out of cheques include dishonored cheques, resulting in the number of unpaid cheques due to insufficient funds on the account holder and invalid signatures among others, leading to reduced confidence in payment systems, climate change and resource optimization.
According to the Central Bank, Wednesday, June 24, 2026 is the last day for customers to deposit cheques at any commercial bank and is urging the public to make use of the more efficient electronic payment platforms such as internet and mobile banking, electronic funds transfer, mobile payment systems, automated teller machine and point of sale.
PN