The Bank of Zambia (BoZ) has urged the public and the business community that cheques will no longer be accepted as a payment instrument in Zambia from June 24, 2026.
The Bank says the 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.
In a statement to RCV News today, BoZ Assistant Director – Communications, Besnart Mwanza, said stakeholders consulted included Government, corporates, small and medium scale enterprises, financial institutions and members of the public.
Ms. Mwanza said the decision was necessitated due to the value of cheque transactions, which has declined by 80% in the last 10 years and an advancement in financial technology which has seen the emergence of electronic methods of payments that are more efficient and instant among other factors.
She has since encouraged the public to make use of the more efficient electronic payment platforms including internet banking, mobile banking and automated Teller Machine (ATM).
By Margaret Mwanza
