Bank of Tanzania
Bank of Tanzania

Bank of Tanzania (BoT)

Bank of Tanzania (BoT)

Cheque clearance delays have hit the Tanzania Banks, but Governor, Professor Benno Ndulu, says the authorities are taking steps to redress the situation.

The Governor of the Bank of Tanzania, Professor Benno Ndulu has called for an investigation into the complaints filed by some customers.

There have been complaints against delays in getting cash from closed checks deposited at banks in Tanzania.

A client, who wants to remain anonymous, hinted that he received a closed cheque of National Bank of Commerce from his employer as annual leave payment on Monday January 5 which he claimed to have deposited on the same day at my Exim Bank account along Nyerere road, it matured on Tuesday January 13, 2015.

In another development, a client said, she deposited an Exim Bank cheque with CRDB on January 10 and it did not mature by last Friday, January 16.

But according to Bank managers, the prolonged holidays could account for the delay in the clearance exercise as the Central Bank was officially closed during that period.

However, Governor of the Bank of Tanzania said they are following up on the developments to find out what went amiss.

On his part, the Director of Banking Supervision, Mr Agapiti Kobello said, after going through the clearing house, banks have two extra days to deposit money in their clients? accounts according to regulations.

He indicated that commercial banks caught violating regulations will be punished, but called for customers specific cases of such delays.

He explained that when banks have exchanged cheques at BoT?s clearing house, 48 hours is enough to have the money deposited in customer accounts.





Send your news stories to [email protected] and via WhatsApp on +233 234-972-832 


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.