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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

Uganda, Tanzania beat demonitization deadline as Kenyans play catch-up

Central Bank Governor Patrick Njoroge says the two countries have already returned all the old notes while Kenya is yet to complete the exchange process, hoping to get a deadline extension/FILE

NAIROBI, Kenya, Sep 25 – Uganda and Tanzania have already completed the conversion from old to new 1000 notes, ahead of the demonetization deadline set for September 30.

Central Bank Governor Patrick Njoroge says the two countries have already returned all the old notes while Kenya is yet to complete the exchange process, hoping to get a deadline extension.

“The two countries have finished their conversions and repatriated their holdings of the old Sh1000 notes, Kenya has not finished returning all the old notes,” said CBK governor.

Njoroge added that majority of the exchange across the country was done in the last week of June, after the announcement of the 1000 notes being rendered worthless from October 1st.

He further maintained that there will be no punishment of any form should one fail to beat the set deadline to return the old 1000 notes, only that the note will no longer be useful in any market across the world.

Traders still using the old 1000 notes will need to speak to their banks to ensure they are exchanged by close of business Monday next week.

The governor also says the central bank is liaising with the prison authorities to convert any currencies they were holding on behalf of inmates.

The bank was also working with the Judiciary to ensure that old currency exhibit money was also exchanged.

Once the old notes are returned, they will be crossed off the CBK register and destroyed as per the usual protocol.

As at 1st of September, 58 percent of the value of old to new currency exchanges were worth up to half a million shillings while 17 percent of the conversions were between half a million to one million shillings.

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Njoroge says 16 percent of the value of exchanges was between one and two million shillings while only 24 currency conversion transactions were above 2,000,000 shillings.

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