By Gad Masereka
Kampala: The Uganda Bankers Association (UBA) has scheduled July 1st , 2019 as the deadline for its customers to get new cheque books which are designed according to the amended banking regulations.
UBA executive director Wilbrod Owor, said that customers who still have old cheque books should use the remaining period of two weeks to get the new ones. “Cheques that will not have the set standards will not be accepted by banks.The system will include the Automated Clearing House to speed up cheques during the clearing process that will shorten the period it used to take for a cheque to be processed,” Owori said.
However, the chairman of Kampala City Traders Association (KACITA),Everest Kayondo wondered who will be responsible for the cost of these newly introduced cheque books.
Kayondo noted that “It is something very important to get a cheque book and it helps you to know your balance when your account is debited. Banks will scan the cheques using an electronic system and the images will be remitted to the Bank of Uganda clearing house.” He said, the old system of writing the cheques will continue as the electronic system only applies to the bank’s back end. Additionally he said that the old cheques will not be necessary because they don’t have the new security features that are required at the clearing stage. The cheques will have security features which can be read by scanners automatically. He said “Banks have been operating with old cheques in the past but this must come to an end.”