By our reporter
Good news for bank customers who have been going through the pressure of waiting for cheques to be cleared for a week.
This website has been reliably informed that the time for clearing cheques will reduce to two days in April 2018 as Bank of Uganda rolls out a centralized electronic system.
The source say Bank of Uganda is about to roll out a new automated clearing system which will ensure that one gets paid in two days, and later, within a day. With the automated system, banks will not have to deliver cheques for clearance at the central bank as that would be done electronically.
“Cheques will be scanned and transmitted electronically, and verification will also be done electronically,” said the source who spoke to this website.
It now takes about four working days for a cheque to be paid.