The Central Bank, Maldives Monetary Authority has initiated an action plan that aims to reduce the usage of cheques in the country and move the banking sector further towards electronic banking solutions.
Speaking at the news conference held to announce the action plan, Assistant Executive Director at MMA Hawwa Latheef said that MMA plans to take action to reduce the usage of cheques until 2024.
She further outlined actions that would be taken in the next two years to achieve these goals.
According to MMA, the action plan was formulated last year and this year the Central Bank would be preparing for implementation.
MMA had noted several steps that would be taken within the year 2023 which include maximizing convenient and accessible alternative digital solutions to all customers in the first three months of next year.
The Central bank plans to impose a value ceiling on cheques issued nationwide next year to MVR 50,000 or USD 3,000.
It also aimed to reduce cheque clearing frequency to twice a week in the second quarter of 2023.
By 2024, MMA plans to reduce the frequency of cheque clearing to once a week.
