Four months left till end of cheque use, says BPNG head

ONLY four months remain before the use of private sector cheques ends on June 30, according to Bank of PNG governor Elizabeth Genia.
“BPNG emphasises that this decision by the National Payments Council (NPC) does not affect government cheques, which will continue to be accepted,” she said.
“The NPC confirms that customers now have several easy-to-use and more secure alternatives to private sector cheques, including digital products, vouchers and private bills of exchange, such as Special Withdrawal Forms (SWFs) to be issued by commercial banks for use in remote areas.”
She said as digital services roll out, farmers and businesses in remote areas would 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 cheques in trade stores or other service locations.
“NPC sub-committee members have met with executives representing the PNG business community. They acknowledged that the awareness programme and preparations for alternatives to cheques are adequate. The Lae Chamber of Commerce has confirmed they would support the NPC’s initiatives. The NPC has planned further meetings with Members of Parliament and others who expressed concern about the cessation of private sector cheques,” Genia said.
Private sector cheques will not be accepted for payment by commercial banks and financial institutions in PNG after close of business on June 28. Private sector cheques presented after 28 June 28 will not be honoured.
Genia said unused cheque books would be redundant after June 28.
“Individuals, businesses, companies and institutions who have cheque books should contact their banking organisation as soon as possible to arrange secure alternative payment methods that comply with the Bills of Exchange Act.
“The NPC comprises PNG‘s licensed financial institutions and is chaired by BPNG.”