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As most credit companies, both digital and conventional microcredit providers shy away from issuing loans due to high-risk environment under the coronavirus pandemic, Mwananchi Credit has instead increased its loans portfolio/FILE

Kenya

New bank notes meet legal, public input requirements says CBK

Speaking during a media briefing Monday, the governor said he’s ready to meet anyone challenging the new bank notes in court/COURTESY

NAIROBI, Kenya, Jun 3 – Central Bank of Kenya Governor Patrick Njoroge has said designs of the new currency notes met all aspects of the law including public participation.

Speaking during a media briefing Monday, the governor said he’s ready to meet anyone challenging the new bank notes in court.

“We will continue to release all the bank notes to banks and microfinance institutions and I am ready to meet anyone in court opposing the new bank notes as a matter of agency,” he said.

The governor added that it’s not the first time Kenya is demonetising bank notes and the process has happened before.

“We did this back in 2011 with the Sh5 notes and they are no longer in the market. We need to embrace the new change as it will help fight illicit flaw of fake currency that has hit headlines in the past months,” said the CBK Governor.

Kenyans can however make deposit transactions as usual where all rules will still apply.

The new bank notes are already in circulation in different banks.

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