To facilitate the efficient clearing and settlement of inter-bank payment instruments throughout the country, cheques and other debit payment instruments have been standardized to make them amendable to automated processing. All paper instruments presented to the clearinghouse must be MICR-encoded. As part of these reforms, each bank branch has been given a unique 6-digit sort code, which identifies the Bank, location and branch number (and assigned to one of eleven clearinghouses operated by the Bank of Ghana). Read Details.. |
