This archive report was first published on 1 October 2019.
As of October 1, 2019, the old Sh1,000 notes in Kenya have lost their value, marking the end of an era. Despite initial concerns, the transition to the new currency has been largely smooth, with most businesses and corporates reporting normal operations.
According to a mini-survey conducted by The Standard team, there were no long queues, crowding, or extensions of closing time by banks and forex bureaus ahead of the deadline. This suggests that the public was well-informed and prepared for the change.
David Ngila, a senior accountant at Namanga Forex Bureau, attributed the calm business environment to the public's sensitivity to personal money and their quick response to the possibility of making losses. He noted that there had been no cause for alarm and that the bureau had inquired and reported to the Central Bank in compliance with the law.
Family Bank's Chief Operations Officer, Godfrey Kamau, also reported normal trading at the bank, with no fake notes received. He stated that the bank had planned for the transition and had changed old notes with new ones as required.
Some supermarkets had issued notices to their clients not to use the old notes as payments for goods, and in special cases, they requested customers to go make bank deposits and use the slips as vouchers for purchases. A real estate agency also reported that no unusual purchases were made, whether in cash or online, in the last days to the deadline.
Business people dealing in automobiles declined to sell in cash as they remained on the watch against taking in old notes. The retailers also reported a similar situation, with most expressing comfort in the introduction of the new notes within the set timelines.
