WINDHOEK, Nov. 16 (Xinhua) -- Namibia will phase out the use of cheques as a payment instrument by June 30, 2019, according to the country's Payments Association (PAN).
PAN said in a public notice on Friday that the move will mean that Namibian banks will no longer issue or accept cheques after June next year.
"The phasing out of cheques is a significant event in the National Payment System, therefore PAN encourages the cooperation of all banking institutions in Namibia, to work together in promoting efficient alternative payment methods," the announcement stated.
Meanwhile, PAN said people should take note that individual banks will initiate their own cut-off dates for cheques leading up to the phasing out date.
PAN is the association responsible for managing the national system in Namibia and is recognized and licensed by the country's central bank, Bank of Namibia, to set technical standards and regulate the participation of its members in the payment system.
