Press Release No. : 05/2024
Date : 19 March 2024
Press Release No 05 – Reserve Bank of Fiji Clarifies Cheque Phasing Out Reform
Further to the Press Release dated 16 March 2024 issued by the Association of Bank in Fiji (ABIF), the Reserve Bank of Fiji (RBF) wishes to clarify that reforms on the modernisation of Fiji’s payments system has been progressing in the last 5 years with the development and offering of a myriad of digital payment methods which offer speed, convenience and easy reference.
Reserve Bank of Fiji Governor, Mr Ariff Ali highlights in this regard that “Fiji’s financial system has significantly progressed towards the establishment of electronic payment platforms through the reforms implemented over the last five years. This has brought about notable efficiency gains for households and businesses, placing Fiji at the forefront of digital payments and banking”.
Governor Ali added that while cheques may still be a common payment method in Fiji, there has been a gradual decline in usage over the years as Government agencies, businesses, and the general public move towards electronic payment channels, a transition greatly accelerated by the COVID-19 pandemic.
The RBF clarifies that while certain timelines have been set by the ABIF as required in any reform action to be achieved, a consultative approach is being undertaken by all relevant stakeholders in this transition. Therefore, all ABIF member banks are taking the much needed effort to raise awareness with their chequing account customers on the available digital platforms that they can take up as cheques start to phase out. Governor Ali mentioned that the RBF will closely monitor the readiness of commercial banks on the proposed dates for the discontinuation of cheques and will make an assessment within the next few months if the current proposed dates are appropriate.
Furthermore, legislative changes will have to be made to legally validate the reforms actions that are being taken, which could take some time. In this regard, the RBF wishes to encourage impacted customers to liaise with their banks and get the comfort of knowing that they could still access other payment channels in place of cheques. Should these customers be still not sure of the way forward for them, they are welcome to contact the RBF for further advice.
Governor Ali further states that the RBF and the ABIF are well aware of the impact of the reform action of phasing out cheques on particular sectors such as the MSMEs, and the senior banking public who have only known cheques as their alternative form of payment apart from cash, and would wish to reiterate that all necessary effort will be made to ensure that these users are provided with the relevant information regarding the phase out of cheques together with available onboarding plans to other forms of payment, so that they remain confident in being part of the payments system in Fiji.
RESERVE BANK OF FIJI
For further details, please contact:-
Communications Office
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mr Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj