The Central Bank of Kenya (CBK) has appealed to all Kenyans to remind their mothers and grandmothers of the September 30 old Ksh1000 currency exchange deadline.
In a tweet sent out on Wednesday, CBK, currently engaged in a new currency sensitization campaign, reiterated that after the deadline all the old Ksh1000 notes will be worthless.
“Our mothers and grandmothers are epic savers. They may have some money around their homes. Please check on them and remind them of the deadline of September 30 for exchanging the older KSh 1000 notes, ” the tweet reads in part.
Someone sent us this picture, which she took after she visited her mother. Our mothers and grandmothers are epic savers. They may have some money around their homes. Please check on them and remind them of the deadline of September 30 for exchanging the older KSh 1000 notes. pic.twitter.com/8PK8OV2vNP
— Central Bank of Kenya (@CBKKenya) September 11, 2019
African mothers and grandmothers, especially those in rural areas, are known for keeping their money in funny places within their houses and CBK’s message is arguably on point.
By last month, CBK confirmed that about Ksh100 million pieces of the old Ksh1000 notes had been returned ahead of the deadline.
The figure represents about 50 per cent of the old Ksh1000 notes in circulation, CBK Governor Patrick Njoroge stated.
Speaking during an interview on Citizen TV, Njoroge urged all Kenyans holding the old notes to make haste before the window period expires as CBK will make it impossible for anyone to exchange the money after the deadline.
Already the new currency notes, which were launched in June during the Mashujaa fete in Narok, are in circulation.
It’s at the same function that CBK announced that the old Ksh1000 banknotes will become obsolete on October 1.
Njoroge, who began a country-wide sensitization on the new currency notes last month, stated that the low return rate can partly be attributed to Kenyans’ last-minute culture.
“Those notes will be mere papers come October 1. We have enough new notes in circulation, people should follow necessary procedure and exchange at nearest banks or CBK,” said Njoroge.
How to exchange the old currency notes
In June, Njoroge stated that those who want to exchange the old notes for a value less than Ksh1 million can do so at their bank branches.
Kenyans without bank accounts can exchange at any branch of any bank, or even at the CBK. However, they will need to have official identification.
On the other hand, those who want to exchange amounts between Ksh1 million and Ksh5 million will need to go to their own banks.
Those who do not have bank accounts and want to exchange this amount will need to contact the CBK which will then endorse them and they can go to a designated bank branch.
Additionally, he added that people who would like to exchange amounts above Ksh5 million will need to contact the CBK.
The exercise is aimed at blocking illicit financial flow in the country.