Starting 18 March 2011, the Settlement Date will be T+3 [vs T+4]. Good news for traders.

Hopefully, they will go towards T+0 by 2012. I hate waiting for my cash after I sell though have to pay upfront when I want to buy shares!

Trades should be T+0. RTGS is T+0 but pricey & cumbersome. I think chqs will come down to T+3 by 2012. Paper remains 'inefficient' but cheaper for now.

Announcing a T+3 is still dissapointing. I thought we had some Indians working on the NSE system. Ama what is 'missing' for the NSE to be T+0?

Bwana VVS, most banks have call back process for any transactions above a certain threshold and have e-alerts after the transactions goes through. Personally i think RTGS are better than cheques(which nowadays can also be printed in riva rori)

So I write a chq... I get a callback [true, they do call me] but an RTGS might go thru undetected?

CFC cheque pays same day...you only need to pay 200 bob.

Cheques are beeing faced out polepole. TZ is almost there.
Currently you are not allowed to draw a cheque exceeding 999K unless its beeing paid out to an account within your own bank.

RTGS is also old school and is not real time and most banks have upgraded their IT platforms and have started rolling out internet banking where you will be doing all your transactions real time at the comfort of your PC.
All you need is an email address and a PIN that will be provided by your bank.
Once you transact via internet a confirmation will be done from the contact centre.And just like Mpesa the PIN will be the security for your money.
But one thing I know for sure, interbank cheque transactions are beeing faced out polepole.

@Chaliwong; I would luv to have internet banking platform. Is it available to individuals or only to corporate A/C-holders?

Internet banking is available to all transactional accounts whether corporate or individual accounts.
That is current accounts and salary accounts, or lets say, any account that is ATM compatible.
For now, as pilot runs are being done you can transfer up to 500K to an acount of your choice in kenya and soon you will do the same to an account that is any where in the world.
When fully operational you will be able to transfer any amount.

Still on the issue of cheques,You can bank an Equity cheque of 100M to another Equity bank Account and it will clear ASAP.
But in line with with the CBK directive from the governer himself that Banks should reduce their cost of doing business(some have started by laying off staff),with new technologies you find that the cost of manufacturing cheque books,cheque processing/clearing is a cost that can be done away with completely.This are costs that are passed on to customers.

Also pay a visit to (I Think court room No.14) of the Kenyan high courts in Nairobi and you will wish cheques are done away with today.
Cheque fraud cases are so many and the fraudsters themselves are so smart. A majority of them dont even have lawyers representing them.
They represent themselves competently enough giving you a sense that they really know what they are doing.
80% of the cases are heard when the fraudsters have already cashed the cheques.

This is what I'm talking about.

You are out of the country and you have left 3 or 4 lumpsum cheques written in favour of "Day Solution Limited" who are your suppliers.
But the entrusted accountant at Day Solution steals the cheques and carefully alters the cheques to read "ToDay Solutions Limited"
It only takes a day or two to register a company which he does using the fraudulent name.
Once the company is registerd he walks into a local bank and opens an account in the same fraudulent name. The bank will do a search before opening the account at the regitars office, they will find that the name is genuin and the owner is the same as the one on the ID.

Once the account is opened he will deposit the cheques,and once they clear withdraw the funds and take off.
The cheques will hit your account and you wont notice because the cheque numbers will tally with those you wrote Day solution Limited.

If Day solutions limited is a very busy company they will realise that this payments were never made during their next Audit which may be six months after the fraud.

Okay,you could say the burden lies with Days Solutios since it was their employee, but remember you could also have written the cheque and lost it before you paid it out and you never realised until one month later.
You could also have entrusted employees who can do the same to cheques paid to you.