Central Banking

Banks gets electronic clearing system

UGANDA - The Uganda Banker's Association (UBA) and Bank of Uganda have introduced an electronic cheque clearing system, to replace the manual system, a statement from the bankers has said.

The new system is expected to improve efficiency and strengthen risk management in cheque clearing.

"It uses new standardised cheques which have advanced cheque features and a facility that supports automated data capture of cheque details," the statement said. "This system will bring bank fraud to a minimu

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