Banking sector tightens screws on fraud

As part of a raft of reforms to counter fraud, a new modernised cheque clearing system, known as the Botswana Automated Clearing House (BACH) is now live. To reinforce the new measures, all cheques in use are to be discontinued by December this year and will be replaced by new ones that have enhanced security features.

Since 2013, BAB has been undertaking a project to modernise the national clearinghouse for interbank payments as part of a broader reform of the National Payment Systems under the auspices of the Bank of Botswana (BoB).