@birdman - Are you in Kenya? (I doubt... prove me wrong)
** 1) RTGS has a form that has to be filled (and if u make a mistake,it is shauri yako...) and the details for the OTHER party have to be accurate. Chqs requires the name of the Payee only & amount/s only. The rest (account # & bank's routing are pre-printed). I do not need the other jamaa's inforamation.
*** 2) I still need to send a messenger to the bank with RTGS instructions. Cheque is in the post ;-). Also people in Kenya SEND their messengers to collect chqs. Not my cost.
**** 3) Time. Bwana,even in Kenya we use PRINTERS. Chqs (except for small businesses) are printed. Fewer errors. I sign them. Now that RTGS form also takes time to fill. And I don't have (or afford to buy module) a way to 'print' my form using the accounting database/software.
***** 4) Let's face the truth,my messenger makes many runs & has multiple duties. And the overall cost is not as high as RTGS. Of course,if one has many such chqs,then compared to RTGS...
****** 5) The cost of RTGS should be less than .01% (100/- per 1,000,000). The current 1,500 (I have not seen 500 yet) is too high. Maybe it is OK for 10mn+ transactions.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

@all opposed to RTGS,just imagine you are a supplier & you are owed eeeh lets say 5M. How would you like to get 6 or more cheques payable different date and each requiring 4 days to clear?

Yes,the Banks need to review the charges but at the same time we also need to embrace new technologies! And this 1500 charge can be shared among the parties.... or catered for as part of cost of transacting business

My 2 cents



Randomly insane

@mukiha - RECOMMENDED... The CBK recommends many things... reality is DIFFERENT... anyway,PLEASE tell me which bank charges 500/- for RTGS...

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB