The Reserve Bank of Malawi and the Bankers Association of Malawi have announced the complete phasing out of cheques as a payment instrument by March 11, 2027. According to a joint statement issued on September 28 by RBM Governor Dr. George Partridge and BAM Chief Executive Officer Lyness Nkungula, the move is designed to shift the country toward electronic and digital payment methods. Nyasa Times reports that banks will continue to clear cheques issued on or before September 29 until the final 2027 deadline, after which processing cheques will be strictly forbidden. Authorities are urging customers and businesses to switch to alternative channels such as internet banking, electronic funds transfers, and mobile money services.
In a separate development, economists are pressing the government to implement strict fiscal discipline and overhaul foreign exchange management as the country faces a severe dollar shortage. According to Nyasa Times, Malawi's public debt has reached approximately K24 trillion, which is equivalent to roughly 91 percent of the gross domestic product. Bertha Bangara-Chikadza, president of the Economics Association of Malawi, highlighted the need to reduce the fiscal deficit, improve exchange rate flexibility, and address distortions in the parallel market where dollars trade at a premium compared to the official rate.