Banks in Fiji will stop the issue or reorder of new chequebooks from July this year.

And from January 2025, all banks will cease processing customer cheques and discontinue the issuance of bank cheques, subject to the passing of necessary amendments to legislation by Parliament.

The Association of Banks in Fiji (ABIF) has advised all chequebook users to explore alternative payment methods.

ABIF chairperson Haroon Ali said any customer-issued cheques presented after this date would be considered stale and dishonoured, however, any bank cheques issued in accordance with current legislation would be processed.

He said the Reserve Bank of Fiji and the ABIF would work with the Attorney-General and the Fiji Law Society on legislative changes needed to properly carry out the transition.

“We understand these changes may impact the banking habits of some customers and banks will endeavour to assist their customers in making a smooth transition,” Mr Ali said.

“We recommend exploring alternative payment methods such as electronic funds transfer, online banking and mobile payments to ensure a seamless and secure financial experience.”

He said ABIF and its member banks would now begin awareness training of digital alternatives to cheques for their customers.

“Fiji’s financial system has significantly progressed towards the establishment of electronic payment platforms through the reforms implemented over the last five years.

“This has brought about notable efficiency gains for households and businesses, placing Fiji at the forefront of digital payments and banking,” RBF governor Ariff Ali said in a statement yesterday.

He said while cheques may still be a common payment method in the country, there had been a gradual decline in usage over the years as Government agencies, businesses, and members of the public move towards electronic payment channels.

He said a consultative approach was being undertaken by all relevant stakeholders in this transition.

Mr Ali said the central bank would closely monitor the readiness of commercial banks on the proposed dates for the discontinuation of cheques, “and will make an assessment within the next few months if the current proposed dates are appropriate”.