Central Bank embarks on public awareness campaign for new currency
The Central Bank of Kenya (CBK) has kicked off the consumer-awareness campaign to help the public know how to pick out fake new currency notes.
This, on the back of the quick-fire and rapid duplication of new currency notes by counterfeiting rings and money laundering gangs that sees many unsuspecting Kenyans become victims.
Speaking in Ukunda, Kwale County during a public sensitisation workshop with the public on Friday, CBK Governor Patrick Njoroge urged Kenyans to be wary of fake notes by observing and learning the newly issued currency.
“Kenyans need to know how to tell from the fake notes and the’re many features that can help them know,” he said.
“Even mama mbogas who trade in the night, there are features that will enable them know the difference.”
While criminal gangs have demonstrated their adaptability to change in new currency, the modern notes bare over 20 distinct features and characteristics making them virtually impossible to fake.
Among the popular features on the surface include the notes distinct colors for each denomination and touch-bars on the side which enable the visually-impaired to identify each currency notes.
The government, through its reserve bank moved to implement the changeover to new currency notes in line with the promulgation of the 2010 constitution beginning June 1, 2019.
While the old-series denominations; Ksh.50, Ksh.100, Ksh.200 and the Ksh.500 will remain in circulation, the old and larger Ksh.1000 note will cease to be legal tender starting on October 1.
The demonetization of the old series Ksh.1000 note sits in line with the government’s goal of ridding the economy off illicit financial flows and counterfeits, with the note having emerged as a “favourite” among money launderers.
Kenyans have until dusk on September 30, 2019 to comply with the directive by handing over their old series Ksh.1000 notes for new one’s through their respective commercial banks.