Banks revoke the proposed timelines for ceasing of use of cheques

The Association of Banks in Fiji says the proposed timelines of 1st July 2024 for stopping the issuance of cheque books and 1st January 2025 for the ceasing of cheque processing are being revoked.

The Association says a revised timeline will be announced once further engagement with all stakeholders is undertaken.

ABIF in collaboration with the Reserve Bank of Fiji had earlier announced a plan to progressively phase out the issuing of cheques in Fiji.

Association Chair, Haroon Ali says since the earlier announcement, the RBF and ABIF have received feedback from key stakeholders (Government/Bank Customers/Solicitors/etc) with a key message that more time is required for wider consultations to understand the impact of this initiative as banks modernise Fiji's payment system through the introduction of new digital payment methods.

Meanwhile, all banks will continue to encourage customers to embrace digital banking that has many benefits to the end-users.

Ali says please talk to your bank managers about digital banking.