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The central bank of the Bahamas has just announced plans to eliminate the use of domestic cheques by 2024.
Consultations with banks, credit unions and other payment services providers – as well as the public – are already underway, which look to ensure that efficient, inclusive, and supportive outcomes for the domestic financial system are delivered.
The central bank’s reduction strategy will be supplemented with education around the use of digital alternatives, and will incorporate positive and consistent pricing incentive structures across the financial sector.
Reflecting payer preferences and decisions by recipients to stop accepting cheques, electronic fund transfers and other non-cash transactions in the region are already on the rise. Mobile wallet payments, for example, are poised for greater adoption; with the central bank’s digital currency – the Sand Dollar – providing financially inclusive and interoperable substitutes.
This renewed focus on cheques comes off the back of 2020 discussions with the Ministry of Finance and clearing banks, which set five-year targets to reduce the use of both cheques and cash in the Bahamas.
Financial Services
