“Cheques have not been banned”
By Masauso Mkwayaya
Finance and National Planning Minister SITUMBEKO MUSOKOTWANE says the Bank of Zambia has started consultations on the proposed phasing out of cheques as a mode of payment for transactions.
Dr. MUSOKOTWANE says the story making rounds on social media that the Central Bank has banned cheques is false, adding that a statement will be issued once consultations are done.
He says the proposal to phase out cheques is one of the key initiatives being pursued under the National Payment System Vision and Strategy 2023-2027.
Dr. MUSUKOTWANE said this today in the National Assembly in a Ministerial Statement.
The Finance Minister said this is mainly on account of the significant decline in the usage of cheques over the past decade.
Dr. MUSOKOTWANE said once approved, the discontinuation of the usage of cheques as a payment instrument will be done in a coordinated and phased manner, and in consultation with all relevant stakeholders.
