The National Bank of Ethiopia is preparing to introduce a standardized check system which will require banks across the countryto use the same type of checks with enhanced security features, starting from January 2013.
The new checks to be printed under the control of the NBE are expected to be coded so as to make them more difficult to forge according to a source. It is expected that banks will cover the cost of the new checks to be printed electronically and will be differentiated for the different banks by the bank logos that will be placed on them said the source.
The details of how the new checks will go into operation are yet to be divulged although the central bank is expected to offer trainings soon added the source.
Means of standardizing checks in Ethiopia have been under discussion for more than a year by members of the Ethiopian Bankers Association. The standardization of the checking system is expected to support a more reliable business transaction to take effect between banks and their customers.
It is to be remembered that the NBE introduced an interbank payment system, Swift Check Value Transfer, in 2011 to ensure prompt exchange and transfer of checks of more than 200 thousand birr.
Source: Capital
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