@FundamentAli
Lets embrace this RTGS/ value capping unreservedly. Besides you have no choice. Its now implemented and here to stay. Actually,the KShs 1m cap currently in force is only introductory and this cap will decline further- maybe to 500k and even below so that all payments are settled via RTGS.
In fact,Kenya has lagged behind countries like TZ and Ug which implemented the system in 2004 and 2007 respectively,while Zambia 2007,Senegal and Cote D'Ivoire in 2006. S.A uses SAMOS. In Europe they have the TARGET system that operates across 26 countries.
Its widespread acceptance and use means it possesses self-evident benefits.
With RTGS your funds reach you the same day. It also reduces high-value cheque fraud,minimises a whole lot of risks (credit,systemic,settlement,liquidity,etc).
Frankly,I don't know why folks are complaining about about this new system yet they are the same guys who were complaining that it takes 3 working days to clear a cheque. Under RTGS the guys pays you same day. Note RTGS has been in use since 2005!
Imagine if you had a KShs 2m cheque and you have to make urgent payments. Before,you would have had to wait for 3 days for it to clear or negotiate with a bank to get credit against uncleared effects in which case you would be charged Overdraft rates. But now you get your funds same day,at a token fee.
Actual losers are banks because they can no longer trade with the floats they traded with before giving you the credit. And Banks,Central Bank and Kenya Bankers Assoc had put up many adverts in the papers to raise awareness before 1st oct when value capping kicked in.
It will be fully embraced inthe fullness of time.
..there's nothing,absolutely nothing really,that I can't do if I put my mind to it.