WINDHOEK, June 27 (Xinhua) -- Namibia will discontinue the use of checks as a payment instrument in the country as of Sunday, June 30.
As the winding-off period takes effect, the last processing day for a check to be cleared by the check payment stream will take place on Saturday, according to a joint announcement issued by the country's central bank, the Payment Association of Namibia, and Namclear on Thursday.
"Thereafter the deactivation and decommissioning process will be initiated which involves making sure that all check participant members in Namclear are removed from the payment applications followed by the shutting down of the check payment stream completely," the statement said.
The move to phase out checks by the banking industry is a decision that is supported with the intention not to inconvenience the public but to minimize the risks such as fraud, and taking into consideration the inefficiencies and costs associated with checks as a payment instrument, the statement said.
