Banks in Ethiopia to Issue Standardized Cheques to tackle Forgery

National Bank of Ethiopia (NBE) is to pilot use of standardized cheques in all Ethiopian banks beginning from the end of November 2015, according to Addis Fortune. The standardized cheques, which are identical in appearance except for logos of individual banks, have security features which will make them difficult to forge.

NBE has taken the initiative of issuing the standardized cheques for the purpose of tackling forgery and speeding up clearing and settlement processes.

The long process of clearing and settling post-dated cheques will no more be in place when the standardized cheques are introduced. There will be a digital platform for financial transactions that can be made with a simple swipe at the scanner, communicating the message via an integrated network developed by ET-Switch. Thus, there will no longer be physical transfer of cheques.

NBE has begun training mid-level and senior bank managers on the use of the standardized cheques and security issues.

This post first appeared HERE

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