Claim
On December 22, 2024, social media platforms circulated posts stating that the Bank of Zambia (BOZ) would phase out the use of cheques as a payment instrument in Zambia by June 2026. But did BOZ actually announce this timeline?
Rating Justification
iVerify Zambia has confirmed as true the claims circulating on social media that the Central Bank plans to phase out cheques as payment instruments in Zambia by June 2026. According to official confirmation, June 24, 2026 , will be the last day for customers to deposit cheques at any commercial bank while the final interbank clearing of cheques will occur on June 26, 2026.
Earlier this year, the BOZ, through its Assistant Director of Communications, Ms. Besnat Mwanza, announced plans to phase out cheques as a mode of payment. This decision aligns with the National Payment System Vision and Strategy 2027, which initially proposed discontinuing cheques by December 31, 2025. The BOZ stated that the transition would follow consultations with key stakeholders, with regular updates provided to the public.On December 20, 2024, the Central Bank released an official notice confirming that cheques will no longer be accepted as a payment instrument after June 2026 (https://www.boz.zm/Public-Notice-On-Phasing-out-of-Cheques.pdf ).
According to the BOZ notice, this decision follows nationwide stakeholder consultations held from July to November 2024, conducted in collaboration with the Public Private Dialogue Forum and the Zambia Information and Communications Technology Authority. Consulted stakeholders included the government, corporate entities, small and medium-scale enterprises, financial institutions, and members of the public.
The Bank of Zambia urged individuals and businesses to transition to more efficient electronic and digital payment methods as part of efforts to modernize the country’s payment systems. The Bank has also provided a detailed timeline for phasing out cheques to the public and businesses.
Evidence and References
1. Public Notice: Phasing Out of Cheques by June 2026
Bank of Zambia (BOZ)
https://www.boz.zm/Public-Notice-On-Phasing-out-of-Cheques.pdf
2. Earlier Notice on Phasing Out of Cheques (Fact-Checked by iVerify Zambia)
Yes, Bank of Zambia (BOZ) to phase out the use of cheques as a payment instrument by 31st December 2025