ATMs, Parking Lot Machines Yet To Configure To New Notes One Month After Unveiling

New Currency notes / Courtesy

Banks are yet to configure the Automated Teller Machines (ATMs) to dispense the new notes a month after the new notes were revealed. the ATMs are still the old notes some which appear new indicating that was the first time that they were being dispensed.

Commercial banks had earlier indicated that they had started configuration of the ATMs soon after the announcement was made and Kenyans expected that the machines would only dispense the new notes

Buildings that operate parking fees machines are also yet to configure their machines to accept the new notes which are still scarce with the deadline when the old Sh1000 notes will become obsolete is fast approaching.

Read: CBK Governor Patrick Njoroge Outlines Regulations For Changing Ksh1,000 Banknotes

The Central Bank of Kenya (CBK) had ordered Banks to submit weekly reports on the exchange of old bank notes for the new ones.

In a circular, CBK instructed the lenders to capture and obtain identification documents of all persons who will be depositing old notes to acquire new ones. They will also have to compel the customer to disclose the source of the funds and the purpose for the funds.

“Commercial banks shall submit to the CBK periodic weekly reports in the returns attached to the banking circular. These returns should reach the CBK by 9 am of first working days of the following week,” stated part of the circular.

Read also:CBK Governor Ready To Defend New Currency In Court Following Two Petitions

According to the CBK, there are more than 200 million pieces of the current Ksh1,000 banknotes in circulation in Kenya.

Of the notes, the CBK hopes to get back 83 percent of the notes, while the remaining will be left to become useless after the October 1 deadline.

Full transition from the current bank notes will take three years and will cost Ksh15 billion.

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Written by Merxcine Cush

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