Cheques now to be cleared in two days
27 January 2012, 12:10
Nairobi – Kenyan banks have now shortened the cheque
clearing cycle to two days as the Kenya Bankers Association (KBA)
implements the Cheque Truncation System.
The system that took effect on August 15 last year progressively
reduced the cheque clearing days from T+4 ( four days after the cheque
KBA Chief Executive Officer Habil Olaka said the cycle has now been
reduced to T+2 effective January 16 this year, and described the
achievement as a key deliverable of the project.
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