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Cheque values fall to four-year low as digital transactions rise
Cheque volumes and values have continued to fall, but banks continue to offer the service, arguing that many businesses still hold onto them since they provide a paper trail that is crucial for record keeping and auditing purposes.
The value of cheque transactions fell 15.1 percent to Sh182.25 billion in June, nearly matching the level last recorded in a similar month in 2020, as businesses and individuals switched to digital deals to lower the risks of contracting the Covid-19 virus through physical contact.
Data from the Central Bank of Kenya (CBK) shows that the decline from Sh214.76 billion posted in May marks the second consecutive month that the value of cheque transactions has fallen amid continued growth in digital transactions.
