Central Banking

South Africa to stop cheque payments by 2021

fraud-cheques

Banks in South Africa will cease all cheque processing by the end of the year, according to a statement from the nation’s central bank.

The South African Reserve Bank (Sarb) notified members of the public that the issuance, acceptance and collection of cheques will end on December 31.

Banks are expected to “extensively communicate” with clients about the change and make them aware of alternative electronic payment methods that may be used, the central bank said.  

A cheque is one of the

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