Cheques a write-off, FNB informs clients
Using a cheque as a method of payment is expensive and time-consuming
FNB has announced that it will stop issuing cheques from September 1 this year - yet another sign that chequebooks are dying out as consumers embrace digital banking.
"South Africa has seen an annual decrease of 30% in cheque usage," says Kenneth Matlhole, FNB business product head. He says cheques make up less than 0.1% of SA's "total payments ecosystem".