Governor affirms gradual transition away from cheques

March 20, 2024 6:36 am

[File Photo]

Reserve Bank of Fiji Governor Ariff Ali has clarified that while certain timelines have been set by the Association of Banks in Fiji to discontinue the use of cheques, a consultative approach is being taken in this transition.

Ali says Fiji’s payment system has been progressing in the last five years with the development and offering of a myriad of digital payment methods.

He says in this regard “Fiji’s financial system has significantly progressed towards the establishment of electronic payment platforms through the reforms implemented.

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The Governor says while cheques may still be a common payment method in Fiji, there has been a gradual decline in usage over the years as Government agencies, businesses, and the general public move towards electronic payment channels.

Ali says all ABIF member banks are making the much-needed effort to raise awareness with their chequing account customers on the available digital platforms that they can take up as cheques start to phase out.

He adds the RBF will 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.

Furthermore, Ali says legislative changes will have to be made to legally validate the reform actions that are being taken, which could take some time.