Namibia will phase out cheques as a payment method by June 2019, the Bankers Association of Namibia (BAN) has pronounced.
“This means that Namibian banks will no longer be issuing and/or accepting any cheque after that date and that individual banks may have their own cut-off dates for cheques leading up to next year,” said BAN’s chairperson Vetumbuavi Mungunda.
Mungunda said banks have many alternative and more effective means to transact that are safer and cheaper that customers can make use of.
He said most of the cheque users “are from specific industries that have cheque payments built into their business operations, many of which would benefit from moving away from cheque payments in terms of efficiency, and risk.”
“One must consider the administration process, storage of physical paper that is required for cheques as well as the waiting period for a cheque to clear. This is in contrast with electronic payments which can be done in minutes, securely,” he said.