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Explain FIVE methods of payments offered by commercial banks in Kenya.

      

Explain FIVE methods of payments offered by commercial banks in Kenya.

  

Answers


gideon
- Use of cheques –Instruction to the bank to make payment to the named person.
- Standing orders – Instruction to make a periodic payment of a specific amount to a named
person until
instructed otherwise.
- Credit transfer – Payment of several people by use of one cheque.
- Travelers cheques –Used majorly by businessmen who travel a lot to make payments outside.
- Bankerscheque – It’s a cheque written by a bank to another bank to make payments to a named
person /institution
thus the payment is guaranteed.
gideon1 answered the question on October 2, 2017 at 17:04


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