[Source: CB]

Key stakeholders, including the government, bank customers, and solicitors, are calling for wider consultation regarding the phase-out of cheque issuing in Fiji.

This comes as the Association of Banks in Fiji and the Reserve Bank of Fiji announced a plan to phase out cheque issuing to encourage a paperless payment system.

This plan required all member banks to stop issuing chequebooks from July 1st, 2024, and cease processing customer cheques from January 1st, 2025.

ABIF Chair, Haroon Ali says stakeholders have indicated that they need time to understand the impact of this initiative as banks modernize Fiji’s payment system through the introduction of new digital payment methods.

As a result, the proposed dates for issuing and ceasing the processing of customer chequebooks have been stopped.

Ali says a revised timeline will be announced once further engagement with all stakeholders is undertaken.

Meanwhile, all banks will continue to encourage customers to embrace digital banking, which offers many benefits to end-users.