The National Payment Council (NPC) of the Bank of Papua New Guinea (BPNG) met on Monday (18th December) discussing the proposed cessation of private sector cheques and have agreed for another six months extension.
In a media statement, the Chair of NPC and Acting Governor of BPNG Ms Elizabeth Genia stated “The NPC agreed to offer six months extension to 30 June 2024 for those currently holding cheques, to allow citizens in remote locations sufficient time to travel to present cheques and receive payment.”
The initial date proposed to cease the use of private sector cheques was 31st of December 2023, however due to concerns raised by public and parliamentary leaders, BPNG take into consideration the following;
- “Valid concerns had been raised about the ability of unbanked citizens and those in remote locations to present cheques prior to the end of the year.
- “Those holding cheque books may require more time to move to alternative forms of payment that comply with the Bills of Exchange Act, such as vouchers and private bills of exchange.
- “Commercial banks had undertaken extensive awareness raising, through traditional as well as social media. The awareness programs advised customers about new digital products now available that provide solutions for SME as well as for individuals.”
Noting that BPNG “will provide a help desk for the genuinely disadvantaged customers to help them transition to new forms of payments. The bank will also conduct research to determine how remote users were adapting to the changes and to identity any ongoing problems.”
The Chair of NPC and Acting BPNG Governor stated that, “BPNG is committed to monitoring the cessation of cheques”
