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>