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The South African Reserve Bank (SARB) announced on Thursday that they will no longer be accepting cheques next year.
The last day for cheques to be used as deposits or encashments is 31 December 2020.
The Reserve Bank said the decision was taken due to the numerous challenges associated with the usage of cheques including fraud and declined usage.
SARB said that banks are expected to extensively communicate with their clients leading up to and beyond the discontinuation of cheques, and further educate their clients on alternative electronic payment methods that may be used.
