This archive report was first published on 11 September 2019.
As the September 30 deadline for the new generation bank notes draws near, a worrying trend has emerged: fake notes are now in circulation.
According to investigations by Nation, the counterfeiters are getting better with every revision, perfecting the art in under three months.
The fake money syndicate, which started operating in Murang'a, has now spread to Nairobi and Kiambu counties, targeting small traders and M-Pesa shop owners who are yet to know how to differentiate the real from the fake.
The introduction of new notes was hoped to disrupt the multibillion currency counterfeits business, but the quick imitation of the money is set to be a big blow to efforts to rid the country of dirty and fake money.
Traders and customers in Nairobi and Kiambu counties were easily duped by the fake notes, with some even accepting them without hesitation.
One attendant at a private parking spot on Muindi Mbingu Street was shocked when told that the Sh200 change he received was fake, but admitted that he would have taken it and given it to the next person.
The Central Bank of Kenya (CBK) has yet to comment on how it plans to deal with the fake currency syndicate, which appears to be one step ahead.
Local police had previously arrested three people in connection with fake currency notes in Murang'a, but the issue remains a concern as the deadline for the new notes approaches.
By last week, Kenyans had not yet returned over Sh100 billion in old currency, despite the CBK ruling out an extension.
