Why This New Regulation on Checks?
The new regulation, particularly Article 411, comes into effect in a context where 496 Tunisian citizens are currently imprisoned for check-related offenses. In Tunisia, a financing system has developed around the use of checks, compensating for the shortcomings of banks and credit structures. In fact, the growth of bank loans, previously increasing at an annual rate of two digits, has slowed down to a mere 3% increase until May 2024. The high cost of bank credits, exacerbated by an 8% interest rate, also limits access to financing for business owners, regardless of the size of their companies.
Major Changes Brought by the New Regulation
One of the main modifications is the reduction of the prison sentence for issuing a check without provision, from 5 years to 2 years. As of February 2025, bounced checks of less than 5,000 dinars will no longer be punishable by imprisonment. For these checks, the bank will notify the beneficiary of the bounced payment, leaving it up to them to file a complaint. The platform, designed to facilitate check management, does not, however, address the broader issue of difficult access to financing and high interest rates. This platform requires banks to adhere to real-time information transmission, although some Tunisian banks may not comply due to technical reasons.
Banking Restrictions and Platform Preparation
Unlike in France, Tunisian citizens do not have an automatic right to a bank account, and banks retain the discretion to not issue checkbooks to their clients. The implementation of the platform, with a value of compensated checks in Tunisia reaching approximately 123 billion dinars, also raises questions about its deployment capacity by February 2025.
Impact of the Regulation on Individuals and Businesses
Non-bank loans with interest are now punishable by 5 years of imprisonment for lenders and borrowers. Businesses continuing to use post-dated checks, on the other hand, expose themselves to imprisonment risks. The regulation, however, introduces alternative sanctions to imprisonment for checks without provision in case of non-recidivism. For businesses, aligning with the platform could lead to a decrease in revenue, potentially ranging from 10% to 90%, particularly in the sectors of household appliances and computer hardware.
An Opportunity for Banks and the Role of the State
Banks, whether private or public, could benefit from this context by strengthening their role in financing. The State can support this effort by establishing guarantee funds and incentive rules to encourage banks to finance businesses and contribute to wealth creation in the Tunisian economy.
