The Central Bank of the Bahamas has opened a public consultation on proposed legislative and policy reforms to support a phased reduction in cheque usage and a national transition away from heavy reliance on cheques, as part of its payments modernisation agenda. The proposals are set out in a consultation paper titled Cheque Use Reduction Project. Key measures under consultation include introducing a cap on cheque item limits linked to the maximum value for which cheques may be written or negotiated, removing legal provisions that treat cheques as a mandatory or singular form of payment in favour of flexible technology-neutral payment provisions, and amending the Bills of Exchange Act and Payment Systems Act to phase out statutory treatment of cheques and accommodate substituted digital payment instruments. The paper also proposes developing new regulations and policies for non-cheque payment instruments and updating payment provisions across other laws and regulations 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. Comments are invited from industry stakeholders and the public by 31 January 2026.
Central Bank of the Bahamas 2025-12-08
Central Bank of the Bahamas launches consultation on legislative reforms to reduce cheque use and enable technology-neutral payments
The Central Bank of the Bahamas has launched a public consultation on proposed reforms to reduce cheque usage and transition to modern payment systems. Key proposals include capping cheque item limits, removing mandatory cheque payment provisions, and amending various acts to support digital payment instruments. The consultation is part of the bank's payments modernisation agenda.