Claim
On Monday July 8, 2024, a social media page, Zambian Digest, circulated a notice that the Bank of Zambia has ‘Phased Out Cheques’ stating that, “Cheques will not be accepted as payment instruments in Zambia from 31 December 2025, the Bank of Zambia has notified”. Other social media platforms also reproduced the claim, causing it to go viral, and sparking mixed reactions from the public on clarity on the notice and processes.
Rating Justification
iVerify Zambia determined as misleading the claim by the Zambian Digest Facebook page that the Bank of Zambia has issued a public notice about an impending phase out of cheques as instruments of payment by 31 December 2025.
In an official statement issued by the Assistant Director- Communications, Besnart Mwanza, the BOZ has clarified that the notice on phasing out of cheques has not been issued by the central bank. The BOZ went on to clearly state that while it was discussing the possibility of phasing out cheques with stakeholders, the consultations are still ongoing and that the Bank will issue a statement once engagements are concluded, and a decision is made. ( https://www.boz.zm/Phasing_Out_Of_Cheques.pdf )
We also cross checked the strategy on the phasing out of cheques by Bank of Zambia, in the National Payment Systems Vision Strategy 2023-2027 , 6.8: Phasing Out of Cheques, page 16, (https://www.boz.zm/National_Payment_Systems_Vision_Strategy_2023_2027.pdf), the vision 2027 only outlines some of the challenges presented by cheques as a payment instrument. This strategy is built on achievements that were recorded in previous strategies in Vision and Strategy 2018-2022 to modernize the regulatory environment.
Following the fake notice that circulated on social media, BOZ has appealed to the members of the public to disregard the social media notice.
