Banks, SDIs issued 53,522 dud cheques to credit bureaus in 2023

A total number of 53,522 dud cheques were submitted by banks and SDIs to credit bureaus in 2023.

This represented a 23.0% increase from the 2022 position of 43,457.

The figures were captured in the 2023 Credit Reporting Activity Report.

The Credit Reporting Act, 2007 (Act 726) requires financial institutions to submit to credit reference bureaus, data on dud cheques issued by customers of financial institutions.

The Bank of Ghana said “We continue to observe increasing trend in the issuance of dud cheques resulting in a reduced confidence in the cheque system”.

To curb this menace, the Central Bank said it has intensified its sensitisation of the general public on the ramification for issuance of dud cheques.

As such, customers through sensitisation are informed about the negative implications of dud cheques on their ability to secure new credits. In addition to this, culprits risk the chance of being sanctioned by the Bank of Ghana.

The sanctions involve culprits being barred from accessing credit facilities and issuing cheques for a period of three years.

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Source: Joy Business