Malawi Phases Out Cheques as Legal Payment Instrument

LILONGWE, Malawi — The Reserve Bank of Malawi (RBM) and the Bankers Association of Malawi (BAM) have announced the formal phase-out of cheques as a payment instrument across the country following the enactment of the Bills of Exchange (Amendment) Act, 2026, which was published on September 11, 2026.

In a joint public statement issued on September 28, 2026, signed by BAM Chief Executive Officer Lyness Nkungula and RBM Governor Dr. George Partridge, the financial authorities confirmed that commercial banks will immediately stop issuing new cheque books to customers. The initiative forms part of ongoing national strategy to drive the transition toward safer, faster, and more efficient electronic payment infrastructure offered by banks and licensed service providers.

Under the transition framework, cheques presented for clearing on or before September 29, 2026, will continue to be processed by banking institutions up to March 11, 2027. After this final deadline, banks will no longer be permitted to process any cheque transactions.

Press release by RBM and BAM.

In a statement seen by Tiyeni Malawians, the regulatory authorities urged all account holders and businesses to adopt approved alternative digital payment channels, including internet banking, mobile banking, Electronic Funds Transfers (EFTs), payment cards, and mobile money platforms. Customers needing guidance or transition assistance are advised to consult their respective commercial banks.

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