BoZ to Phase Out Cheques by Mid-2026

The Bank of Zambia (BoZ) has announced a comprehensive plan to discontinue the use of bank cheques across the country, with the final phase-out scheduled for June 24th, 2026. This landmark decision comes as cheque transactions have plummeted by 80 percent over the past decade.

In a statement, the BoZ cited the widespread adoption of electronic payment methods and security concerns as key factors driving the transition. The bank highlighted the vulnerability of cheques to various forms of fraud, including forgery, alteration, theft of cheque books, and unauthorised use.

The phase-out will follow a structured 18-month timeline, beginning with a public notice to be issued on 27 December. Commercial banks will stop issuing new cheque books to customers after 28 February 2025.

Customers will then have until 31 March that year to deposit any remaining cheques at commercial banks, with the final interbank clearing of cheques set for 26 June 2026.