Reserve Bank announces the end of cheques in South Africa

VAAL TRIANGLE - The South African Reserve Bank (SARB) has announced that the issuing, acceptance and collection of cheques will cease on 31 December. The Bank said this decision was taken due to the numerous challenges associated with the usage of cheques. These challenges include a lengthy processing period, fraud perpetrated through the issuing of cheques and declining usage. The SARB said South African banks have now been instructed to educate their clients on alternative electronic payment methods that may be used.

PHOTO: (Supplied)

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