Cheque usage to be phased out at Bank Windhoek branches
Bank Windhoek on Tuesday announced that the 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 Bank Windhoek’s Chief Operating Officer, 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.
Cheques are also more costly for both the issuer and acquirer in comparison to electronic payment methods.
Alternative payment methods include: Cash; debit and credit card payments; direct debit (initiated by payee); direct credit (initiated by payer); wire transfer (local and international); Electronic Fund Transfer (EFT) payments using Internet banking and online payment services.
“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. And of course, there is the Bank Windhoek Visa Debit and Credit Card offering which can be used internationally,” concluded Pretorius.