Fourteen more weeks remaining before the use of private sector cheques come to an end by 30 June 2024.
The Bank of Papua New Guinea (BPNG) Governor and Chair of the National Payments Council (NPC) Elizabeth Genia stated that this decision will not affect the use of government cheques, which will continue to be accepted.
“Private sector cheques will not be accepted for payment by commercial banks and financial institutions in PNG after close of business on 28th June 2024. Private sector cheques presented after 28th June will not be honored,” BPNG Governor Elizabeth Genia stated.
“Unused cheque books are redundant after 28th June 2024. Individuals, businesses, companies and institutions who have cheque books should contact their banking organization as soon as possible to arrange secure alternative payment methods that comply with the Bills of Exchange Act.”
BPNG Governor stated that, NPC sub-committee members had a meeting with the PNG business community executives and they have acknowledged that the awareness program and preparations for alternatives to cheques are adequate.
“The NPC confirms that customers now have several easy-to-use and more to secure alternatives in private sector cheques, including digital products, vouchers and private bill of exchange such as Special Withdrawal Form (SWF) to be issued by commercial banks for use in remote areas.”
“As digital services roll out, farmers and businesses in remote areas will have access to other secure and lower cost payment alternatives to the expensive process of receiving funds from agents by cheque and incurring the cost of redeeming the cheques in trade stores or other service locations,” Genia stated
