NASSAU, Bahamas, CMC – The Central Bank of The Bahamas (CBB) says it has embarked on a public consultation regarding the proposed legislative and policy reforms aimed at supporting a national transition away from heavy reliance on cheques, as part of the broader strategy to modernise The Bahamas’ payments ecosystem.
The Central Bank said it is committed to fostering monetary stability, promoting a sound financial system, and advancing efficient, modern payment systems nationwide.
It said the cheque use reduction initiative forms part of the Central Bank’s ongoing efforts to support financial inclusion, innovation, and long-term economic development.
The public consultation consists of a consultation paper, entitled “Cheque Use Reduction Project”, which outlines key recommendations for a phased reduction in cheque usage, proposed legislative amendments to facilitate payment-method neutrality, and opportunities for public feedback on policy parameters for the continued use of cheques during the transition period.
The consultation paper sets out several proposed measures to support the reduction of cheque usage, including the introduction of a cap on cheque item limits relative to the maximum value for which cheques may be written or negotiated, as well as legislative reforms to remove references to cheques as a mandatory or singular form of payment and replace them with flexible, technology-neutral payment provisions.
The paper calls for amendments to the Bills of Exchange Act and the Payment Systems Act to phase out the statutory treatment of cheques and accommodate substituted digital payment instruments, and to develop new regulations and policies for non-cheque payment instruments.
The paper also details proposed amendments across various laws, including the Employment Act, Supreme Court Act, Partnership Limited Liability Act, Hotel Regulations, Public Trustee Rules, Buildings Regulation Rules, Friendly Societies Act, and Parliamentary Elections Act, to modernize payment provisions and enable future innovation.
The Central Bank said it is inviting all industry stakeholders, including financial institutions, consumer groups, and members of the public, to provide feedback on the consultation paper by January,31, 2026.
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