Bank of Uganda launches electronic cheque-clearing system
It aims to make cheque processing faster, cheaper and safer
The Bank of Uganda is launching a new automated cheque-clearing system on April 20, which it says will offer “huge benefits to the financial sector”.
The new system will have full “cheque truncation capability”, involving the exchange of electronic images of cheques instead of the physical instrument.
“The entire country will have access to a single, centralised cheque-clearing platform, as opposed to the current decentralised and unaligned platforms,” the central bank says.
Under the new
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