Digital transactions push cheque to an all time low in Kenya
The decline in cheque transactions in Kenya have reached a four-year low. This decrease is attributed to the rising preference for digital transactions, driven by advancements in technology and increased adoption of mobile money and internet banking. The shift towards digital payments is seen as a response to the need for more efficient, secure, and convenient financial services. As a result, businesses and individuals are increasingly opting for digital platforms over traditional cheque payments. https://www.businessdailyafrica.com/bd/markets/market-news/cheque-values-fal... Best Regards ______________________ Mwendwa Kivuva https://www.linkedin.com/in/mwendwa-kivuva
On the other hand, banks are now switching to issuing cards for their affluent customers. Say being innovative.
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. _______________________________________________ KICTANet mailing list -- kictanet@lists.kictanet.or.ke To unsubscribe send an email to kictanet-leave@lists.kictanet.or.ke Unsubscribe or change your options at: https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/
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-- Regards, Michael Michie
A matter of what economist Joseph Schumpeter termed 'creative destruction'? ... For the 'new order' to become, the old one 'shall die'! ________________________________ 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<mailto:kictanet@lists.kictanet.or.ke>> wrote: On the other hand, banks are now switching to issuing cards for their affluent customers. Say being innovative. _______________________________________________ KICTANet mailing list -- kictanet@lists.kictanet.or.ke<mailto:kictanet@lists.kictanet.or.ke> To unsubscribe send an email to kictanet-leave@lists.kictanet.or.ke<mailto:kictanet-leave@lists.kictanet.or.ke> Unsubscribe or change your options at: https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/ Mailing List Posts Online: https://posts.kictanet.or.ke/ Twitter: https://twitter.com/KICTANet/ Facebook: https://www.facebook.com/KICTANet/ Instagram: https://www.instagram.com/KICTANet/ LinkedIn: https://www.linkedin.com/company/kictanet/ YouTube: https://www.youtube.com/channel/UCbcLVjnPtTGBEeYLGUb2Yow/ WhatsApp Channel: https://whatsapp.com/channel/0029VaQsX4w6mYPIctLsGh1K KICTANet is a multi-stakeholder Think Tank for people and institutions interested and involved in ICT policy and regulation. KICTANet is a catalyst for reform in the Information and Communication Technology sector. Its work is guided by four pillars of Policy Advocacy, Capacity Building, Research, and Stakeholder Engagement. KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications. PRIVACY POLICY: See https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/ KICTANet - The Power of Communities, is Kenya's premier ICT policy engagement platform. -- Regards, Michael Michie
Hio imeenda... *Ali Hussein* Fintech | Digital Transformation Tel: +254 713 601113 Twitter: @AliHKassim LinkedIn: Ali's Profile <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim> Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Tue, Oct 1, 2024 at 10:44 AM Mwendwa Kivuva via KICTANet < kictanet@lists.kictanet.or.ke> wrote:
The decline in cheque transactions in Kenya have reached a four-year low. This decrease is attributed to the rising preference for digital transactions, driven by advancements in technology and increased adoption of mobile money and internet banking. The shift towards digital payments is seen as a response to the need for more efficient, secure, and convenient financial services. As a result, businesses and individuals are increasingly opting for digital platforms over traditional cheque payments.
https://www.businessdailyafrica.com/bd/markets/market-news/cheque-values-fal...
Best Regards ______________________ Mwendwa Kivuva https://www.linkedin.com/in/mwendwa-kivuva _______________________________________________ KICTANet mailing list -- kictanet@lists.kictanet.or.ke To unsubscribe send an email to kictanet-leave@lists.kictanet.or.ke Unsubscribe or change your options at: https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/
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KICTANet is a multi-stakeholder Think Tank for people and institutions interested and involved in ICT policy and regulation. KICTANet is a catalyst for reform in the Information and Communication Technology sector. Its work is guided by four pillars of Policy Advocacy, Capacity Building, Research, and Stakeholder Engagement.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
PRIVACY POLICY: See https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/
KICTANet - The Power of Communities, is Kenya's premier ICT policy engagement platform.
participants (6)
-
Ali Hussein -
David Indeje -
Gerhard May -
Michael Michie -
mnyanchama＠aganoconsulting.com -
Mwendwa Kivuva