Patronage for express clearing of cheques shoots up
There has been an impressive increase in the number of people opting for express clearing of cheques, as the latest statistics indicate that its patronage has gone up by almost 80 per cent (79.26%) in the first half of this year compared to the same period last year.
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This is contained in the half year report of Ghana Interbank Payment and Settlement Systems (GhIPSS).
The increase in volume of the express cheque clearing transactions can be attributed to public education and awareness of the service. The value of cheques cleared through the express widow also went up significantly by 62 percent.
The express clearing of cheques implies that when you pay in a cheque of a different bank into your account, you can access the money on the same in just a couple of hours. It is one of the services introduced by GhIPSS as part of its mandate to encourage non-cash forms of payments.
GhIPSS, together with the banks last year embarked on a public education to encourage the patronage of express clearing of cheques and it appears that campaign is yielding dividends. Despite the impressive growth in the volume of patronage for express cheque, over 90 percent of cheques continue to be cleared through the normal system.
Speaking in an interview, the Chief Executive of GhIPSS, Mr Archie Hesse, said because express clearing of cheque is need based, it is not anticipated that it will compete with the normal clearing of cheques. He however noted that the close to 80 percent increase in patronage for the express service was a very positive development.
He said GhIPSS together with the banks will continue to educate the public on the existence of the express clearing of cheques, so that people who need that service can request for it from their banks.
Currently, cheques clear between two to three days under the normal window and between two and four hours under the express window. The GhIPSS Boss explained that the various improvements introduced into cheque clearing was to increase public confidence in the use of cheques for payments. He indicated that because cheques clear faster today compared to the past, a lot of people, particularly individuals are comfortable in accepting it or presenting it as a form of payment.
