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Yes, Bank of Zambia (BOZ) to phase out the use of cheques as a payment instrument by 31st December 2025

True

Yes, the Central Bank will phase out the use of cheques as a mode of payment in the country. iVerify Zambia contacted the Bank of Zambia through the Assistant Director of Communications, Ms. Besnat Mwanza, who confirmed this. This move is part of the National Payment System Vision and Strategy 2027.

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Verified Oct, 17 2024

Claim

On October 16, 2024, a post circulated on several social media platforms claiming that the Bank of Zambia (BOZ), the country’s central bank, would discontinue the use of cheques as a payment instrument, effective 31st December 2025.

Rating Justification

iVerify Zambia has determined as true the information circulating on social media that cheques will no longer be used as instruments of payments in Zambia effective 31st December 2025.

To verify this claim, iVerify Zambia contacted the Bank of Zambia through the Assistant Director of Communications, Ms. Besnat Mwanza, who confirmed that the Central Bank would phase out the use of cheques as a mode of payment in the country.

This information is also contained in a document named Phasing Out of Cheques as Payment Instruments from BOZ which states that as part of the National Payment System Vision and Strategy 2027, the use of cheques for payments will be discontinued by December 31, 2025.

A similar post on the subject circulated on social media in July 2024 ( https://iverify.org.zm/no-bank-of-zambia-hasnt-phased-out-cheques-as-claimed-on-social-media/  ),  claiming that BOZ was phasing out cheques with immediate effect. After verification with the Central Bank, iVerify Zambia determined the claim as misleading, as the matter was still under consideration.

The Bank had stated that it was working towards phasing out cheques, but it would only do so after completing consultations with key stakeholders and the public would be informed accordingly.

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