Central Banking

Bahamas prepares to phase out cheque payments

Central Bank of The Bahamas
Central Bank of The Bahamas
Photo: Mikael Latreille

The Central Bank of the Bahamas has announced its intention to phase out cheque payments by 2024.

The Bahamas became the first country to issue a central bank digital currency (CBDC) in late 2020, and now the country is looking to push the digital transition further.

“In the Bahamas, electronic fund transfers and other non-cash transactions are increasingly substituting for cheque payments,” the central bank says in a consultation document. “It reflects both payer preferences and deliberate

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