NEW BANK NOTES

Three things to note to avoid worthless cash - CBK

In Summary

•CBK is monitoring persons exchanging old notes as it seeks to curb circulation of illicit money.

•Governor Patrick Njoroge has assured of a smooth demonitisation process.

New bank notes
New bank notes
Image: COURTESY

The Central Bank of Kenya has cautioned Kenyans on what to look out for before the deadline for the old generation notes kicks on September 30.

In a series of tweets shared on Wednesday, CBK advised parents to give their school-going children the new banknotes  Sh1,000 banknotes as pocket money.

CBK said giving a child new banknotes will safeguard the students from having worthless cash after the deadline.

"Don’t forget to give your children pocket money and/ or school fees only in the new Sh1,000 notes. You don’t want them inconvenienced on closing day, after the deadline," reads the tweet.

CBK  also appealed to employers who pay their workers in cash to ensure new notes are used to avoid transferring the deadline burden to them.

Chama contributors have been asked to make their contributions in new sh.1000 notes.

The monetary authority of Kenya,appealed to households to remind relatives and friends in the upcountry to replace the old notes ahead of the deadline.

"Remember to call your relatives in ‘shags’, and emphasize to them that the older Sh1000 notes will no longer be valid after September 30. Help them to change their older Sh1000."

The Central Bank of Kenya said there are enough new generation notes in circulation, urging Kenyans to take advantage of the September 30 window deadline to replace old Sh1,000 notes.

Speaking during last week's  Thursday morning breakfast show at Radio Jambo, CBK governor Patrick Njoroge reiterated that the old Sh1,000 notes will become valueless starting October 1 and that the deadline will not be extended.

"Kenyans should desist from the last-minute rush. We have enough new notes in circulation, please go exchange now," Njoroge said.

He asked households to assist aged people fond of keeping the money for a long time to exchange the currency in good time.

The banking regulator unveiled the new generation banknotes on June 1 as part measures to curb fraud and money laundering.

The new banknotes bear significant aspects of the nation and as the coins, will serve as a means of passing knowledge, conserving culture and promoting our global uniqueness.

The Sh50 notes have green energy, Sh100 agriculture, Sh200 social services, Sh500 tourism, and Sh1,000 governance.

The governor said new notes have at least 20 security features which can be felt and seen.