A matter of what economist Joseph Schumpeter termed 'creative destruction'? ... For the 'new order' to become, the old one 'shall die'!

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From: Michael Michie via KICTANet <kictanet@lists.kictanet.or.ke>
Sent: Tuesday, October 1, 2024 11:27 AM
To: mnyanchama@aganoconsulting.com <mnyanchama@aganoconsulting.com>
Cc: Michael Michie <kmichaelmichie@gmail.com>
Subject: [kictanet] Re: Digital transactions push cheque to an all time low in Kenya

 

Banks are not actively discouraging the use of cheques. I think the customer is at play here, they want faster payments and so they move away from cheques, looking at most banks their digital platforms have some limits on transaction value which forces the use of cheques and other instruments. If banks saw the value of no cheques they would have done away with it ages ago. While there is a case for cheques being a post dated instrument so are alarm clocks posted dated.

Where will all the investment into cheque scanners and clearing systems go if cheques become obsolete?

On Tue, Oct 1, 2024 at 10:54 AM David Indeje via KICTANet <kictanet@lists.kictanet.or.ke> wrote:

On the other hand, banks are now switching to issuing cards for their affluent customers. Say being innovative. 

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Regards,

Michael Michie

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