By Wendy Mkandawire
Economic expert Milward Tobias has described the phasing out of cheques as a payment method in Malawi as long overdue, saying that cheques are an old-fashioned banking method in a world that is going paperless.
Tobias stated that the move aligns with advanced technology and is environmentally friendly, as it saves trees used for paper production, contributing to environmental sustainability
His remarks follow a joint announcement by the Reserve Bank of Malawi and the Bankers Association of Malawi that Malawi will stop using cheques.
In a press release dated 28 September 2026 and signed by BAM Chief Executive Officer Lyness Nkungula and RBM Governor Dr. George Partridge, the two institutions stated that the decision is in line with the Bills of Exchange Amendment Act published on 11 September 2026.
According to the statement, cheques presented for clearance before 29 September 2026 will still be processed until 11 March 2027, after which no bank will be allowed to process cheques.
Tobias, however, said there is a need to accelerate access to technology in rural areas as the country transitions, noting that many Malawians have already stopped using cheques and that the Reserve Bank is only formalizing what is already happening on the ground.
The Reserve Bank and BAM have since urged customers to adopt alternative payment methods, such as internet banking, mobile banking, electronic funds transfers, payment cards, mobile money, and other approved digital payment solutions.
