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{
    "id": 14573,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/14573/?format=api",
    "text_counter": 547,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister, Office of the Deputy Prime Minister and Ministry of Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": " Mr. Speaker, Sir, I beg to move that The National Payment System Bill (Bill No.46 of 2011) be now read a Second Time. Mr. Speaker, Sir, the Government’s initiative to modernize payment systems began with the automation of the Nairobi Clearing House in May 1998 with the aim of enhancing the clearing of cheques between banks and using Magnetic Ink Character Recognition Technology and Electronic Funds Transfer Payment. This initiative resulted in the reduction of clearing time for cheques from 14 days to the present three days. Subsequently, the amendment of the Evidence Act provides for electronic documents followed together with the introduction of a two session clearing process in 1999. Further, the amendments to the Bills of Exchange Act contained in the Finance Act 2009 were aimed at facilitating cheque truncation, a process that involves movement of cheque images rather than physical cheques. I am pleased to inform the House that this process which has since been implemented will help reduce the cheque clearing cycle in the country."
}