This archive report was first published on 23 September 2019.
As the Central Bank of Kenya's deadline for exchanging old Sh1000 notes draws near, companies are taking steps to ensure they only accept the new generation of notes. The deadline, set for September 30, was announced by the Central Bank on June 1, 2019.
The move is aimed at curbing illicit financial flows in the country and region, according to Central Bank Governor Dr. Patrick Njoroge. The old Sh1000 notes were being used for illicit financial flows, and the new notes are designed to prevent this.
Several companies, including Safaricom and Pizza Inn, have issued notices to their customers warning them that they will no longer accept old Sh1000 notes after September 26. The US Embassy in Nairobi has also issued a similar notice, stating that it will not accept old Sh1000 notes after September 12.
According to the Central Bank, persons exchanging currency notes for an amount not exceeding Sh1 million of the withdrawn currency notes will exchange at their commercial banks, CBK branches, and currency centres or any nearest commercial bank. Persons without bank accounts exchanging currency notes for amounts exceeding Sh1 million will require an endorsement from CBK, same to the person exchanging currency notes for amounts exceeding Sh5 million.
As the deadline approaches, Kenyans are advised to exchange their old Sh1000 notes for the new ones to avoid any inconvenience.
