Bank of Uganda reduces the amount of time it takes to process a cheque

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Kampala, Uganda
The Central Bank of Uganda, has announced a roll out of a new cheque processing system that should ease existing stringent roadblocks that have made processing cheques a slow and expensive mode of cash transfer.
Currently it takes between four to five days to cash in on a cheque, especially when the transaction involves more than one bank.
With the new cheque truncation system, the cheque will now be cleared on the same day or within 24 hours depending on whether the cheque is local or outstation.
According to Central Bank, the new Automated Clearing System, which will begin on April 20, will remove the physical movement of cheques between banks and across bank branches thus speeding up the process of cheque clearance, settlement among banks and realization of funds by beneficiaries.

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