Checks

Legal System

A check is a payment order given by an account holder, or his/her representative, to a depositary credit institution for the latter to pay a certain amount to the lawful holder.

Payment Obligation

Credit institutions are required to pay any amount on a check issued through a checkbook provided by them, for an amount not exceeding 2000$00, regardless of lack of or insufficient funds.

Penal System

Restriction on the use of checks

The need to dignify and promote the use of checks as a means of payment, with the creation of mechanisms to regulate their operation, has been a constant concern of the Cabo Verdean banking system over the years, despite the fact that checks continue to play a residual role and the development of the system itself indicates prioritization of electronic means of payment.