Cheques phased out by Bank Windhoek

14 December 2018 | Banking

Bank Windhoek’s final cut-off date for processing of cheques as a means of payment will be 30 June 2019.

“This is to meet the Namibian banking industry deadline of 30 June 2019 for all cheques to be phased out. As a result, no cheques will be accepted or processed at any of the banks in Namibia from 1 July 2019,” said the chief operating officer of Bank Windhoek, Franco Pretorius.

Cheque usage has been on the decline for some years, both at point of sale transactions where credit cards and debit cards are increasingly preferred, as well as for third party payments, such as the payment of bills. This decline has been accelerated by the emergence of mobile and online banking, the bank said in a statement.

Cheques are also more costly for both the issuer and acquirer in comparison to electronic payment methods.

“Bank Windhoek offers its customers a suite of alternative payment methods with a vast network of ATMs and point of sale presence. Our digital offering includes iBank, cellphone banking, mobile app, Easywallet and GoPay for fuel purchases. The Bank Windhoek Visa debit and credit card offering which can be used internationally,” concluded Pretorius.

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