New cheque clearance procedures introduced in Kenya
Financial service providers in Kenya are now adhering to new cheque clearance procedures.Financial service providers in Kenya are now adhering to new cheque clearance procedures.
Consumers and businesses used to have to wait up to ten working days before a cheque sent to a rural part of the country cleared, while the processing time in a town or city could be up to three days.
Banks in the African nation have now adopted a single system that applies to both rural and urban settlements and agreed to make sure cheques clear within two working days
Habil Olaka, chief executive of the Kenya Bankers Association, said this means there will be no disparity, regardless of whether a cheque is being sent to Nairobi or to Marsabit.
"This is a significant relief for customers who live and transact upcountry and in remote areas," he commented.
"Now the upcountry commission on cheques presented through the clearing house should cease."
He added that the changes make Kenya a one-clearing zone for people who are using cheques.