Cheques grow obsolete as method of payment

By comparison, Bank of Botswana statistics show that about 935,000 cheque leaves worth P16 billion were issued over the same period, leading analysts to conclude that Botswana is joining the list of countries in which cheques have "gone out of style".

EFTs or the paperless movement of funds between banks for payment purposes, have increasingly become the main settlement system for government, corporates and individuals. BIFM investment committee chair, Keith Jefferis, said trend analysis showed that cheques had given way to EFTs.