Kenya unveils new generation banknotes to curb fraud
Kenya plans to withdraw an old version of its 1,000 shilling ($9.88) banknote to tackle illicit financial flows and counterfeiting.
While unveiling the new generation banknotes on Saturday during a national holiday celebration-Madaraka Day- the Central Bank Governor Patrick Njoroge said the new notes would have a unique theme and security features and will have images various images
‘'The new banknotes bear significant aspects of our nation and like the coins, will serve as a means of passing knowledge, conserving culture and promoting our global uniqueness,” he said, “Each banknote has a unique theme to show the richness of our people and nature in our beautiful Kenya. For the Sh50 we have green energy, Sh100 agriculture, Sh200 social services, Sh500 tourism and Sh1000 governance.”
The new generation banknotes are part measures to curb fraud and money laundering in line with President Uhuru Kenyatta's promise to stamp out graft.
“We have assessed the grave concern that our large banknotes, particularly the older one thousand shillings series, are being used for illicit financial flows in Kenya and also other countries in the region,” Njoroge said.
Central Bank of Kenya is also expected to conduct an awareness program to sensitize Kenyans on the new notes which are already in circulation.
“In the coming days, the Central Bank of Kenya will roll out an awareness campaign to educate the public on the features of the new banknote. The new banknotes will circulate alongside those already issued but not withdrawn,” he said
The CBK Governor also said that the old Sh1000-note (($9.88) will be withdrawn effective October 1 when they will cease to be legal tender.
The central bank's move comes as Kenyan lawmakers push for the implementation of amendments to banking laws that would relax the east African country's rigorous requirements for recording transactions above $10,000.