The Bank of Zambia has notified the general public and business community that, effective June 24, 2026, cheques will no longer be accepted as a form of payment in the country.
The Central Bank announced the decision in a circular dated December 20, 2024, and signed by the Bank of Zambia’s Assistant Director of Communications.
This decision comes after nationwide stakeholder engagements conducted in partnership with the Zambia Information and Communications Technology Authority and the Public-Private Dialogue Forum from July to November 2024.
The government, corporations, small and medium-sized businesses, financial institutions, and members of the public were among the stakeholders consulted.
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Reasons for cheques phase-out
The following considerations were given by the Bank of Zambia to phase out cheques:
Persistent decrease in use: Over the past ten years, the value of cheque transactions has decreased by 80 per cent.
Emergence of electronic payment methods: More effective and immediate electronic payment methods have emerged as a result of financial technology advancements.
Insecurity: Cheques are far more susceptible to fraud related to forgery, alteration, theft of chequebooks, and unauthorised use than electronic payment methods.
Dishonoured cheques: There has been a persistently high number of unpaid cheques because of, among other reasons, inadequate funds on the account holder and incorrect signatures, which has caused payment systems to lose credibility.
Climate change: Compared to cheques, which use paper, electronic transfers are more environmentally beneficial.
Resource optimisation: Given the ongoing decline in cheque usage, the high expenses associated with the manufacturing of chequebooks, processing infrastructure (such as system upgrades, hardware maintenance, software license fees, etc.), and cheques, as well as other operating costs, are no longer justified.
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Other payment options and timelines for phasing out of bank cheques
In light of this decision, the Bank of Zambia urges the public to make use of more effective digital and electronic payment platforms, such as mobile banking, automated teller machines, internet banking, electronic funds transfers, mobile payment systems, and point of sale.
Furthermore, the Bank of Zambia released a timeline for the phasing out of cheques. Members of the public and businesses are advised to take note of the following timelines for the phasing out of cheques:
Friday, February 28, 2025, is the last day for customers to request chequebooks from commercial banks. Monday, March 31, 2025, is the last day for issuance of chequebooks by commercial banks.
Wednesday, June 24, 2026, is the last day for customers to deposit cheques at any commercial bank, and Friday, June 26, 2026, is the last day for interbank clearing of cheques.