Safaricom Signs Data Deal With Banks to Support Cheque Truncation

Safaricom has signed a partnership agreement with the Kenya Bankers Association (KBA) that will see it provide data services to banks to support Checque Truncation in Kenya.  The service wwill be offered through Safaricom’s enterprise Business Unit. The company will provide connectivity solutions for the truncation service in all banks that are members of the Kenya Bankers Association.

The truncation service will is expected to be fully implemented by all banks and will see the physical cheque converted into electronic form and further transmission to the paying bank which will result in not more than 24 hours turn-around in processing.