Money Markets
Electronic system reduces cheque processing time
The Kenya Bankers Association (KBA) said on Thursday that all banks would now credit customers accounts with cheque proceeds after two days in urban areas and after three days for upcountry cheques. Photo/FILE
By David Mugwe
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Posted Thursday, January 26 2012 at 21:45
Posted Thursday, January 26 2012 at 21:45
Customers were expected to apply for new cheque leaves with standard sizes and uniform security features that would be easily recognisable by the processing machines as part of the new system.
Mr Olaka said that the new cycle would ensure that cheques deposited in any branch of commercial banks would be cleared within three days countrywide.
dmugwe@ke.nationmedia.com
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