The Bank of PNG has extended the deadline for private sector cheques not to be processed after June 30 2024.
This came after a review by the National Payment Council (NPC) which determined that despite quicker clearance times, cheques are still considered higher risk for fraudulent use, and the longer processing times are an inconvenience when a cheque is dishonoured.
The government has shifted toward electronic payment options with the implementation of the National Payment Strategy Developments which aims to foster greater financial inclusion through safe, convenient payment options.
In compliance with this announcement, Kina Bank customers must now register for Personal Online Banking and Corporate Online Banking to ensure you are able to make payments after this deadline.
For Personal Online Banking customers, please obtain the application form for Personal Online Banking at https://www.kinabank.com.pg/digital-banking/kina-personal-online-banking/.
For Corporate Online Banking customers, you can find more information or request assistance with your application at https://www.kinabank.com.pg/digital-banking/kina-corporate-online-and-mobile-banking/.
Why are cheques being phased out?
PNG is moving towards digital payment methods that are faster, more secure and convenient.
What will happen to my cheque books and the extra cheque leaves by 1st July 2024?
Financial institutions, which includes Kina Bank, will not accept extra cheque leaves or books. You may be asked to surrender your cheque books for destruction.
What will happen to cheques I receive after 30th June 2024?
Cheques will no longer be accepted or processed after this date. To avoid disruptions, customers should register for Personal Online Banking or Corporate Online Banking.
For Personal Online Banking customers, please obtain the application form for Personal Online Banking at https://www.kinabank.com.pg/digital-banking/kina-personal-online-banking/.
For Corporate Online Banking customers, you can find more information or request assistance with your application at https://www.kinabank.com.pg/digital-banking/kina-corporate-online-and-mobile-banking/.
What if my account requires two or more signatories?
Consult to your bank about alternative payment methods that provide security and authorisation measures. Many digital payment solutions can be set up to require multiple approvals.
What do I do with my cheques in the meantime?
You may continue using cheques until they are no longer accepted or processed. However, we advise moving to alternative payment methods ASAP.
What are the alternatives available?
Online banking, electronic funds transfer (EFT), wire transfers, payment apps, and digital wallets.
Business
- Corporate Online Banking
- EFTPOS-POS intergration
- Biller Payments
- Payment Portal
Personal & SME
- Personal Online Banking
- Venture Cards
- Visa Debit Cards
- WhatsApp Banking
- Kina Konnect
- Corporate Online Banking (SME only)
How will this affect my customers that who pay by cheque?
Customers will have to change to alternative payment methods. Support them by providing information on the available options and their benefits.
Will my online transactions be secure?
Kina Bank employs the highest security measures to protect you and your financial information from any online threats.
When can I switch to digital banking in place of cheques?
You can start today to avoid any disruption to your financial transaction.
Who can I speak to at Kina for help?
Visit any Kina branch or contact Kina@kinabank.com.pg and they will guide you through your options and the most appropriate solutions for your needs.