Cheques to be phased out with the process starting in 2024 - RBF

Cheques to be phased out with the process starting in 2024 - RBF

By Vijay Narayan
Wednesday 14/09/2022
[Photo: File photo]

The Reserve Bank of Fiji confirms that they intend to phase out the use of cheques, and that is to slowly reduce and then stop the use of cheques in the country.

RBF Governor, Ariff Ali says this process will start in 2024 and there will be awareness and lead time for everyone.

Ali confirms the Association of Banks in Fiji and the RBF have agreed to phase out cheques from 2024.

This is aligned to the reform of the payment system in Fiji to modernize and digitalize payments by encouraging its customers to use digital platforms as the preferred option for sending and receiving payments.

In this regard, the RBF will soon be consulting various stakeholders as well as creating awareness.

Ali says one of the first steps is to examine all current legislations regarding cheques and amending it.

The RBF Governor clarifies that there are several countries where cheques are no longer accepted as a form of payment e.g. New Zealand and there other countries are in the process of eliminating the use of cheques e.g. Australia, Singapore.

He says there are several benefits to moving to digital payments instead of cheques.

Ali says an example would be to enable efficiency in the payments process whereby customers would have payments cleared much faster than the current processing times for clearing of cheques which ranges from 1 day to 3-5 days.

He says it will also resolve the issue of cheques being dishonoured due to insufficient funds and the need for daily exchange for clearing between banks.

Restaurant/shop in Toorak closed after traces of rat faeces and presence of pests found inside
A restaurant/ shop in Toorak, Suva has been closed by the Health Inspectors from the Ministry of Health and Medical Services Food Unit after it failed...
19 minutes ago
ODPP waits for police investigation file in amusement ride case
The Office of the Director of Public Prosecutions is still waiting for the police investigation file in the case of the amusement ride incident that ...
48 minutes ago

Catanasiga and Kotobalavu confirm their appearance on fijivillage Straight Talk With Vijay Narayan at 7pm tomorrow
Fiji Council of Social Services Executive Director Vani Catanasiga and Fiji Public Service Association General Secretary, Judith Kotobalavu have ...
3 hours ago

A woman, man and 13-year-old reported missing
Police are seeking assistance in locating 13-year-old Ashwariya Roselyn Kumar, 34-year-old Ashneel Narayan and 18-year-old Salanieta ...
3 hours ago

20-year-old woman found dead in Vitogo Lautoka
A 20-year-old woman has been found dead in Vitogo, Lautoka on Saturday and Police are now awaiting the post mortem result to establish the cause of ...
17 hours ago

Govt has not moved quickly enough to improve immigration measures to bring in skills Fiji needs – Fiscal Review Comm
The Fiscal Review Committee says the government has not responded to the developments with urgency and flexibility that is needed relating to the ...
17 hours ago

fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Crisis within FijiFirst relating to the termination of 17 MPs who voted for salary increases
A crisis has erupted within the FijiFirst party relating to the termination of 17 members of parliament who supported the government's motion to ...
4 days ago

Pre-Budget 2024-2025
Pre Budget 2024-2025 budget recommendations and an insight of what people on the ground wish to see in the National Budget
6 days ago

Sayed-Khaiyum case on alleged payment of Saneem's taxes without proper approval
It is alleged that between the 30th of June, 2022 and the 12th of July, 2022 in Suva, whilst being employed in the civil service as the Acting Prime ...
7 days ago