South Africa

'Your cheque is in the mail' no longer an excuse as FNB processes last batch

FNB processed the last batch of its cheques on Friday, ending an era of one of the oldest and most treasured payment methods used by SA banks and financial services institutions globally.

“As we celebrate an end of an iconic chapter, we pave way for a new era of digital payments innovation. Cheques have played an important role in the history and development of the formal payments system in our country. Ironically, even some millennials who have never held a chequebook still refer to their salary or wages as a ‘pay cheque’," said FNB CEO Jacques Celliers.

He added: “The necessary discontinuation of this symbolic payment instrument is a nostalgic moment for us and our customers, however we believe the future of payments is even more exciting for all of us. Particularly FNB as we journey towards a new era of platform banking.”

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