Safaricom Shops Not to Accept Old 1000 Notes After This Date


A Safaricom Shop in Nairobi [Photo, Courtesy]
Safaricom has said it will not accept the old Sh1000 old notes from Thursday next week, sources indicate.

The decision was due to the directive by the Central Bank of Kenya that the Ksh 1,000 old notes will no longer be in circulation starting October 1, 2019.

While launching the new banknotes on June 1, CBK Governor Patrick Njoroge stated that retiring the old Ksh 1,000 notes was aimed at stopping illicit cash flows in the country.

A section of retailers and supermarkets were reported to have started rejecting the old currency.

Reports indicated that the facilities had issued notices that they would not be accepting the notes between September 26 and 29.

According to the latest CBK data, Kenyans have since returned Ksh25 billion in circulation following the order.

Dr Njoroge, in earlier media addresses, assured Kenyans that the deadline would not be extended.

“Those notes will be mere papers come October 1. We have enough new notes in circulation, people should follow the necessary procedure and exchange at nearest banks or CBK,” Njoroge told a local radio station last month.

CBK Governor Patrick Njoroge
CBK Governor Patrick Njoroge [Photo, Courtesy]
All other denominations are will continue to circulate alongside the new generation currency.

The Central Bank of Kenya, on Friday, disclosed that old Ksh 1,000 notes worth billions are yet to be exchanged ahead of the September 30 deadline.

It was revealed that the old notes worth more than Ksh 100 billion were still yet to be swapped by citizens.

The regulator claimed that corrupt individuals still in possession of the old notes, were waiting till the deadline day to bank the illegally acquired money.

CBK pointed out that they had put 800 bank accounts under surveillance in a bid to prevent the incident from occurring.

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