NAIROBI, Kenya, Jun 7- The Central Bank of Kenya has confirmed the release of new currency notes to commercial banks making the cash accessible to the public.
In a statement to newsrooms, the CBK Governor said they are also conducting a public awareness campaign to ensure all members of the public are conversant with the new bank notes and that they also understand the features incorporated in the new notes.
Individuals exchanging less than Sh1 million of the old series notes and non-account holders can conduct the exchange process through the currency centres, CBK branches and commercial banks.
The Bank customers keeping amounts up to Sh5 million can transact at their specific commercial banks with laid down procedures and requirements.
The other customers who also involve non-account holders having an excess of Sh5 million and public exchanging currency notes exceeding Sh5 million will require the endorsement of the Central Bank.
The old generation 1000-shilling bank notes are also expected to cease circulation in the Kenyan market as from 1st October 2019.
This is seen as a government’s move to curb counterfeiting and illicit financial flows that has seen several arrests in the country in the past months.
“The objective of this measure is to deal conclusively with the emerging concerns about illicit financial flows and counterfeits,” according to May 31st gazette notice on demonetization of the 1000-shilling note.
Customers to various commercial banks will also be expected to explain their kind of businesses where huge cash transactions may be involved.
CBK has said it is now working together with forex bureaus, payment service providers, money remittance providers, investigative agencies and other financial service providers to ensure all due procedures are followed.