Reserve Bank of Malawi RBM says is finalizing the amendment of the Bills of Exchange Act, which will phase out usage of cheques, to be tabled in the next sitting of Parliament.
RBM governor McDonald Mwale and Bankers Association of Malawi BAM chief executive officer Lyness Nkungula have said this in a joint statement to update Malawians on the progress of the review of the bill.
According to the statement, once passed the bill will help to carter for technological advancements, protection of users, reduction of fraud and clarification of certain ambiguous provisions in the act.
It adds that the review was necessitated by the growing popularity of more secure and efficient alternatives including mobile and internet-based payments.
Mwale and Nkungula however stressed that the public will be duly informed of the precise date for discontinuing cheque usage in the country.
Initially the review process was expected to be finalized in December last year.
Meanwhile, Malawi Economic Justice Network Mejn has applauded the move calling it long over-due.
MEJN southern region coordinator Mike Banda says the decision will help to promote digital transactions and ensure easy tracking of resource flows.
Banda however lamented the cost attached to the online transactions which have been recently adjusted as a set bank to the move.
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