The downside of the cheque system on Kenya's economy

 The inconvenience and cost of having to courier the cheque from the drawer location to the Payee, then physically avail the cheque to the receiving bank, makes the system undesirable. [iStockphoto]

Kenya's value of cheques issued is currently valued at 200m monthly, with the growth pattern having hit a plateau in recent years.

M-Pesa payments, excluding RTGS and Pesalink platform, on the other hand, currently stand at 2600 transactions per second with an average of Sh3 trillion worth of transactions per month. The above indicates a market that’s slowly abandoning the mode of payment.