Can You Deposit KSh 90m Cheque In A Kenyan Bank Account?

• Yvonne Mugure became the talk of the country after showing a KSh 90 million cheque she was depositing to buy a house
• TUKO.co.ke spoke to a banker who outlined the Central Bank of Kenya value capping cheques and direct deposits at KSh 1 million
• The banker also outlined how Mugure's cheque could be legitimate, and the circumstances where the limit could be exceeded

A Kenyan woman has been trending for the past few days after showcasing a cheque she deposited at the bank.

Yvonne Mugure's KSh 90m cheque goes viral

Yvonne Mugure, based in the US, left Kenyans gobsmacked after flaunting the KSh 90 million cheque.

Mugure explained that she wanted to buy a mansion, and her post caused a raging debate.

Kenyans questioned the source of her money, as others cast doubt on the cheque's validity.

"1. That's not how you write 90 in words. 2. Cheques aren't written how you wrote yours. 3. Max for a cheque in Kenya is KSh 999,999, last I checked.

4. Stamp on your cheque should be either from a manager or cash department and not the credit department. 5. Your documents look like they have been written by the same person who wrote the cheque. Conclusion: Everything is fake,” observed one netizen.

CBK's directive on cheques

Numerous others raised the matter of value capping by the Central Bank of Kenya (CBK).

In October 2019, CBK limited the set amount for cheques and direct deposits at KSh 1 million.

CBK instructed that the money be transacted through the Real Time Gross Settlement (RTGS) System known as the Kenya Electronic Payments and Settlement System, implemented on July 29, 2005.

“Customers will be required to instruct their banks directly to make payments to the receiving banks instead of issuing cheques, and it is anticipated that the receiving bank would have the payment within hours,” CBK wrote.

One of the advantages of RTGS is the speed of processing payments in four hours, while cheques take over three working days. The system also eliminated high-value cheque frauds.

However, CBK noted that customers could write cheques above the cap limit.

"But their bank will take them through a process called collection, meaning that payment rests with the paying bank, subject to a maximum period of 21 working days."

Banker speaks on Yvonne Mugure's cheque

A banker told TUKO.co.ke that value capping does not affect in-house cheques.

"But it applies to a cheque paid to a different bank."

She noted that someone was either transferring money to Mugure within KCB Bank or:

"She was doing the transfer to herself if she has two bank accounts."

The banker, who sought anonymity, said Mugure's cheque could be legitimate but did not rule out the possibility that she could be clout-chasing.