The Association of Banks in Fiji (ABIF) have cancelled the proposed timelines for phasing out cheques in Fiji.
ABIF, in collaboration with the Reserve Bank of Fiji (RBF) had earlier announced their plan to have all member banks stop the issuing of cheque books from July 1, 2024. The cease of the processing of customer cheques was to begin from January 1, 2025.
Since the announcement, the RBF and ABIF have received feedback from key stakeholders (Government/Bank Customers/Solicitors/etc) that more time was required for wider consultations to understand the impact of this initiative as banks modernise Fiji’s payment system through the introduction of new digital payment methods.
With the proposed timelines for the phasing out of cheques now cancelled, a revised timeline will be announced once further engagement with all stakeholders is undertaken.
Source: Association of Banks in Fiji