ESWATINI 3RD SACU COUNTRY TO ELIMINATE CHEQUES
MBABANE - Eswatini has joined the growing list of countries that are eliminating the use of cheques as a means of payment.
The Central Bank of Eswatini (CBE) alongside EBA, in a joint statement, announced an intention to discontinue cheques as a means of payment in the country with effect from the first day of next year (2022). EBA is the Eswatini Bankers Association. According to the statement, cheques are prone to fraud; have a lengthy processing period; and have restricted acceptance, among other limitations. “Their declining usage with the availability of alternative payment options means that the industry can no longer support their costly and ageing processing infrastructure. In this regard, Eswatini banks and Eswatini Building Society will no longer accept cheques for deposit or encashment from the January 1, 2022,” reads the statement in part. The public has been encouraged to embrace the other available payment options that include internet and mobile banking; electronic funds transfer SWIFT, points of sale as well as debit and credit cards, among others. Eswatini is the third Southern African Customs Union (SACU) country to eliminate cheques. South African banks stopped accepting any cheque for deposit or encashment after December 31 last year.
Member
Another SACU member State, Namibia, first announced that foreign issued cheques will no longer be accepted at any bank in that country for deposit or encashment back in 2013. The discontinuation was said to be as a result of international banks that have discontinued their clearing services to the Namibian banking industry. Namibia then decided to phase out the use of cheques as a payment instrument on June 30, 2019. Other SACU members are Botswana and Lesotho. Big companies like the Lesotho Electricity Company stopped accepting cheques back in 2019. “Many businesses still cling to paper cheques because of familiarity and universality. Another reason why businesses hold onto their cheque books is because of the paper trail,” said an expert.
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