This archive report was first published on 11 September 2019.
As the Central Bank of Kenya (CBK) works to rid the country of dirty and fake money by September 30, a fake new generation bank notes syndicate has emerged, perfecting the art of counterfeiting in under three months.
The syndicate, which started operating in Murang'a, has now spread its tentacles 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.
Investigations by Nation reveal that the counterfeiters are getting better with every revision they have hurriedly come up with, and they are now producing Sh100, Sh500, and Sh1000 notes.
Tests conducted by Nation in Nairobi and Kiambu counties showed that most traders, shoeshiners, and parking attendants easily took the fake cash and transferred their goods and services without noticing anything amiss.
One attendant at a private parking spot on Muindi Mbingu Street was shocked when told that the money he had received was fake, but he admitted that he would have taken it and given it to the next person.
Similarly, a shoeshiner next to Jamia Mall failed the test, but a customer easily pointed out the fake note when handed to him.
By the time of going to press, CBK had not commented on how it plans to deal with the fake currency syndicate that appears to always be one-step ahead.
Local police had earlier arrested three people, two men and a woman, who were found with fake currency notes in two separate incidents in Murang'a.
The CBK is counting on the ongoing currency demonetisation process to deal with the fakes, but the fake money syndicate's emergence has put pressure on the Central Bank to act swiftly.
