Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Use of cheques falls as digital payments rise
Safaricom employee displays the M-Pesa money transfer service on a smartphone inside a mobile phone care centre in Nairobi on November 22, 2018. PHOTO | AFP
Growth in usage of cheques has slowed down in the last decade, losing out to digital payments channels which are more efficient for businesses and individuals.
The Central Bank of Kenya (CBK) said in its 2022-2025 national payments strategy that the paper-based payment channel will need reforms as part of the alignment of the automated clearing house (ACH) with emerging global practise that is marking a shift away from cheques.
