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.

@matataMingi, thanks. @chaliwong, any examples of banks in Kenya offering internet banking across banks?

@matataMingi, thanks. @chaliwong, any examples of banks in Kenya offering internet banking across banks?

@Outvestor - I thot SCB limits it to one funds transfer per month? (and RTGS may be wee categorised as a transfer) Confirm....

How long does an EFT transfer to other banks take to be effected?
Do you have to complete a form & submit via email or its done on Internet-banking platform?

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.

What's the current settlement duration.
Forgive my basic question but I need to know how long it should take to credit my bank account(RTGS) after a sale order has gone through.

After sale order has been excecuted, some brokers insist that the funds take 2 days to clear. After that, the funds sent via RTGS will reflect in your bank account the same day they are sent.