Elimination of Paper Cheques Summary
Published: Friday February 2nd, 2024
This report presents selected results of the latest surveys on public attitudes in The Bahamas toward cheques usage and the potential elimination of the instrument. The Central Bank of The Bahamas (the Bank) initially commissioned this study in 2023, to provide input for a public education campaign on cheque elimination; and to also support assessments on the pace at which policies regarding the use of cheques could be implemented. To this end, Diane Phillips & Associates (DPA) was enlisted by the Bank to spearhead the formulation of the public education and awareness campaign, supported by extensive research to gauge relevant public opinion. Coming out of this exercise, the Central Bank and other stakeholders engaged though the Steering Committee on Cheque Elimination and Reduction determined that an extended timeline, beyond the end of 2024 was necessary, to allow the public to transition away from cheques. The Steering Committee also endorsed that a public education campaign could be formulated to assist the transition; alongside reforms to improve access to, and the efficiency of digital alternatives to cheques.
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