Cheque Codeline Clearing chalks one year

Accra, Sept. 21, GNA - The Chief Executive of Ghana Interbank Payment and Settlement System (GhIPSS), Mr Fred France has noted that the Cheque Codeline Clearing (CCC) introduced in September last year has enhanced customer service delivery.

Speaking in an interview with the Ghana News Agency, Mr France said GhIPSS and the banks are working to perfect the art so that in the near future cheques would be cleared within 24 hours. The CCC was introduced in the Accra-Tema Settlement Zone, before it was extended nationwide.

"Today you pay in a cheque and in a matter of two days, your account is credited and that helps one to plan," Mr France said, adding that it would have been unacceptable for businesses or individuals to wait for a week or two just to clear a cheque. Mr France assured the pubic that the CCC was robust and secured and encouraged them to patronise cheques to reduce the pressure on the cedi notes and save the country the huge sums of money used to replace the worn out ones.

He thanked the banks as well as the savings and loans companies for their co-operation and urged them to do more to ensure a total transformation of the financial sector. He said GhIPSS would continue to roll out products and services to ensure that the financial sector is transformed in line with modern trends globally. Mr France urged bank customers, who experience delays in clearing their cheques to complain to their banks first for their concerns to be addressed before approaching GhIPSS. He said he is so far pleased with how the CCC had worked, but added that his outfit would continue to monitor the clearing system to ensure that it operates to perfection. GhIPSS was established by the Bank of Ghana to help modernise the payment system. It has so far introduced the e-zwich and CCC and will soon introduce the Automated Clearing House. 21 Sept. 10