Central Bank of The Bahamas: Moves to eliminate cheques
- Central Bank of The Bahamas has begun consultations with banks, credit unions and other payment services providers
- Wider public consultation is also being initiated to ensure that the strategy delivers on outcomes
- Renewed focus on cheques follows discussions with the Ministry of Finance and Clearing Banks during 2020
- Electronic fund transfers and other non-cash transactions are increasingly substituting for cheque payments
- It reflects both payer preferences and deliberate decisions by recipients to discontinue acceptance of cheques
- Digital payment alternatives completely replaced cheques in many countries, and concurrently supported reduced cash transactions
