Cheque transactions in Kuwait hit four-year low at KD 24.72 billion

• In 2024, the number of cheques submitted to banks fell by 3.7% to approximately 4.19 million, while the number of customers submitting cheques rose by 17.4% to around 122,620.

According to official data from the Central Bank of Kuwait, the total value of cheques submitted to local banks last year reached about KD 24.72 billion, marking its lowest level since 2020, when it stood at KD 23.37 billion. In comparison, the value was around KD 26.5 billion in 2021 and KD 28.5 billion in 2022, Al Anbanewspaper reported.

Data reviewed by the newspaper show that the total value of cheques submitted to local banks last year recorded an annual decline of KD 815.9 million, or 3.2%, compared to KD 25.53 billion in 2023.

The number of cheques submitted to banks reached approximately 4.19 million, reflecting an annual decline of 3.7% (161,210 fewer cheques). Meanwhile, these cheques were submitted by around 122,620 customers, an annual increase of 18,140 customers (17.4%) compared to 104,480 customers in 2023.

Regarding cheques returned due to insufficient funds, their total value reached KD 69.8 million, an annual increase of KD 10.2 million (17.1%) from KD 59.6 million in 2023. The number of these returned chequesstood at 4,234, with 2,863 clients affected.

As for accounts closed due to bounced cheques from insufficient funds, their total value amounted to KD 14.6 million, down from KD 19.9 million in 2023—an annual decline of KD 5.3 million (26.6%). The number of affected clients in this category reached 612, while 614 accounts were closed, with approximately 1,937 chequesinvolved.