Technology to reduce cheque clearing from 4 to 2 days in Kenya.
This is great news and long overdue! Kenya’s Treasury is looking to pass a new law in Parliament that will reduce the amount of time it takes a banked cheque to clear from 4 to 2 days. The current 4 days clearence period is due to the fact that cheques currently need to be physically transported to the clearing house which takes a substantive amount of time. The proposed law will enable cheques to be cleared electroncially at the clearing house when transmitted as scanned images of the physical cheques. For the full story at the Business Daily, go here>
i am a banking studentat the kenya school of monetary studies persuing banking and i see this as a positive step towards the right direction this statute should have been passed yesterday. i see myself coming to the industry that is mature and ready to embrace us as young people who are techonologically knowledgable. thaank you for the legislation and hope that our good parliament passes it and recieves assent by the president of kenya.
This is great idea. I deal with cheques most of the time and that period long. I welcome the move to reduce number of days to 2. This great and it will reduce time wasted and costs of travelling or transport. The law should be clear because of people can take advantage of the same to scan any cheque and forward…Though i support the same, we should be cautious and extra careful. kudos
This is so last year coz upto now cheques still take 4 days to clear. Its just a talk but it never happened. Its so frustrating waiting for 4 days to get your money. Banks wake up!