Lengthy clearing time and limited use mean the days are numbered for cheques in Uganda. The governor of the central bank, Elliot Mwebya, would ban them tomorrow if he could, reports allAfrica.com
"The strategic direction should be to reduce the number of cheques in circulation. If I had a way, tomorrow we should not have cheques," the director of the National Payment System Secretariat, Bank of Uganda, says.
A cheque drawn on a bank in Fort Portal waited half a year to get cleared in Jinja.