Banking sector tightens screws on fraud
Wednesday, September 09, 2015
Mabusa
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).
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...