People who use cheques for their transactions will have to get used to alternative payment methods as Malawi moves to phase out cheque payments.
The Reserve Bank of Malawi (RBM) and Bankers Association of Malawi (BAM) have announced plans to phase out cheques as a payment method.
This follows the publication of the Bills of Exchange (Amendment) Act, 2026.
Under the new law, banks will no longer issue new cheque books to customers.
However, cheques presented for clearing by September 29, 2026, will continue to be processed until March 11, 2027.
After March 11, 2027, banks will stop processing all cheques.
RBM and BAM are urging customers to switch to electronic payment methods, including internet and mobile banking, electronic funds transfers, payment cards and mobile money services.
The move will transition customers from cheque-based payments to electronic alternatives as Malawi’s payment system continues to change.
