Cheque discounting in Kenya: The smart way to cash.
Mwananchi credit cheque discounting helps you access cash fast! Get your cash now against cheques issued by reputable companies at competitive commission rates.
Cheque Discounting
Mwananchi credit cheque discounting helps you access cash fast! Get your cash now against cheques issued by reputable companies at competitive commission rates.​
Cheque Discounting in Kenya
Apply for cheque discounting services and get funds up to 90%. Get your cash now against cheques issued by reputable companies at competitive commission rates. We also discount post-dated cheques for selected companies.
The product ensures you obtain immediate cash against your cheque drawn by a reputable company, whether current or post-dated. This ensures a continuous flow of your business working capital which would otherwise be affected awaiting the cheque to complete the clearing cycle.
Apply for cheque discounting services and get funds up to 90%. Get your cash now against cheques issued by reputable companies at competitive commission rates. We also discount post-dated cheques for selected companies.
The product ensures you obtain immediate cash against your cheque drawn by a reputable company, whether current or post-dated. This ensures a continuous flow of your business working capital which would otherwise be affected awaiting the cheque to complete the clearing cycle.
Benefits of Cheque Discounting with Us
- Fast disbursement
- A cheque is discounted to the maximum of 95%.
- Affordable with no hidden charges
Requirements
- Cheque being discounted.
- ID copy of the applicant.
- Where available, a copy of an acknowledged invoice or payment voucher, to support the payment.
Cheque Discounting FAQs (Answers)
Cheque Discounting FAQs (Answers)
What is cheque discounting?
Cheque discounting is a financial service that allows individuals or businesses to receive cash in advance against a cheque before it is formally presented for payment. This service is useful for managing cash flow and addressing immediate financial needs.
Can a cheque be discounted?
Yes, a cheque can be discounted. Financial institutions or credit companies like Mwananchi Credit offer cheque discounting services where the cheque holder can receive a percentage of the cheque amount before it clears.
What is the limit on cheques in Kenya?
In Kenya, there is no specific legal limit on the amount that can be written on a cheque. However, banks may impose their own limits based on the account holder’s status and the bank’s policies.
What happens when a cheque bounces in Kenya?
When a cheque bounces in Kenya, it means that the bank has refused to honor the cheque due to insufficient funds or other issues. The cheque issuer may face penalties, and the payee may seek legal action to recover the funds.
What is the new rule of cheque?
Recently, there have been regulations aimed at enhancing the security and accountability of cheques, including the requirement for additional identification and verification steps to reduce fraud.
How long does it take for a cheque to clear in Kenya?
The clearing time for a local cheque in Kenya typically ranges from 2 to 3 business days. However, this may vary depending on the banks involved.
Can you deposit a 90 million cheque in Kenya?
Yes, you can deposit a cheque for 90 million Kenyan Shillings, provided you have an account with sufficient limits and the funds are cleared as per the bank’s policies.
Can I cash a foreign cheque in Kenya?
Yes, you can cash a foreign cheque in Kenya, but it typically involves a longer clearing process and may incur higher fees. Banks often require that foreign cheques be deposited rather than cashed directly.
What is PDC discounting?
Post-Dated Cheque (PDC) discounting refers to the practice of discounting cheques that are dated for a future date. This allows the issuer to access funds before the cheque’s maturity date.
How do RTGS work in Kenya?
Real-Time Gross Settlement (RTGS) is a system for transferring large sums of money in real time between banks in Kenya. Transactions are settled individually, ensuring immediate availability of funds.
What is the maximum RTGS limit in Kenya?
As of now, the maximum limit for RTGS transactions in Kenya is generally capped at 1 million Kenyan Shillings per transaction, although this may vary based on the bank’s policies.
What payment methods are available in Kenya?
Payment methods in Kenya include mobile money services (like M-Pesa), bank transfers (including RTGS and EFT), cash payments, and cheques. Each method has its own advantages depending on the transaction size and urgency.
How long does RTGS take to clear in Kenya?
RTGS transactions are typically processed in real-time, meaning they are settled instantly during banking hours. Transactions initiated after hours are processed on the next business day.
What is a discounted cheque?
A discounted cheque refers to a cheque for which the holder receives a reduced amount in cash before the cheque is formally presented to the bank. This allows for immediate access to funds.
What happens when a discounted cheque is dishonoured?
If a discounted cheque is dishonoured when presented for payment, the cheque holder is responsible for repaying the amount that was advanced by the discounting institution, along with any applicable penalties.
