Central bank rejects move to ban third party cheques

The Governor of the National Bank of Rwanda, John Rwangombwa has dismissed claims that there is a ban on third party cheques after a cross section of people claimed their banks refused to encash them. It is not true. However, banks had written a letter requesting for the ban, which we did not approve, John Rwangombwa, the governor of the Central Bank told The New Times. A source who requested anonymity said his cheque was not encashed by Access Bank, and the reason he was given was that there was a central bank announcement the night before informing about the ban. Efforts to reach Access Bank were futile by press time. For Bank of Kigali, however, the CEO Diane Karusisi said it is true they don't encash third party cheques. You choose to deposit the cheque on your account, and if you don't have one at our bank, you are requested to open it, Karusisi said. She indicated, however, that this is in no way related to the Bankers association or the Central Bank, but instead a policy in place to encourage cashless transactions. The Bankers association announced on their Twitter that all types of bankers' cheques remain valid. Rwanda Bankers Association would like to remind the public that all types of bankers' cheques continue to be valid and in use for funds transfer as per the guidelines of the Central Bank, the tweet read.

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Central bank rejects move to ban third party cheques