Barclays Bank Kenya has implemented a policy allowing same-day cheque clearance for local and foreign currency instruments, effective March 11, 2019. The change applies to cheques denominated in Kenyan Shillings, British pounds, Euros, and US dollars, provided they are deposited before 4pm.
The reform addresses longstanding delays in cheque processing, particularly for businesses reliant on timely fund availability. While most Kenyan banks previously required three working days to clear local currency cheques, the upgraded Automated Clearing House (ACH) system now enables same-day settlements for domestic instruments. Foreign currency cheques will be processed within two days, down from the previous seven-day standard.
The Kenya Bankers Association highlighted the ACH upgrade as part of broader sector modernization efforts. The system facilitates electronic fund transfers, cheque verification, and direct debit operations, aiming to improve liquidity and transaction efficiency across the banking sector.
Barclays Bank of Kenya's planned rebranding to Absa Kenya in 2020 remains separate from the current clearing system enhancements.
