How digital banking is driving cheques into extinction

Cheques , the once dominant means of corporate settlements, are now facing digital extinction.
The rise in digital payments is submerging cheques, which may never resurface as Nigeria’s payments landscape undergoes a quiet but decisive transformation.
Once a staple of salary payments and formal banking transactions, the cheque is steadily losing relevance as customers and businesses increasingly choose faster, easier and more secure digital alternatives.
According to the Central Bank of Nigeria (CBN)’s 2025 annual report, the value of cheque transactions fell by 49.78 per cent to N1,837.13 billion from N3,658.14 billion in 2024, while the volume of transactions declined by 57.79 pe...