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Traders devise plans to avoid old Sh1,000 notes

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Traders devise plans to avoid old Sh1,000 notes by Kenyans247(1): Wed Aug 2019 12:15pm
Residents of Kiambu County say they are not in a hurry to exchange the old one thousand currency notes, citing that as long as it is in circulation, they will still come into contact with it before the phase out.
Susan Njeri, a shopkeeper in Kirigiti told KNA that she was under no pressure to exchange the old notes for the new ones for now because clients continue buying using the old ones.
“I am however devising strategies to ensure that the deadline does not fi nd me with the old currency. I want to register for Lipa na Mpesa so that when the deadline approaches, customers purchasing goods worth a thousand can transfer the money to my account. I will also terminate Mpesa deposits involving a thousand shilling notes around 28th to 30th September,” she explained.
Njeri added that people should find ways of ensuring that they are not found on the wrong foot with obsolete money after the deadline.
“It will be more convenient for people to deposit the old thousand notes in their possession early because when the deadline approaches, banks might experience long queues.”
“Immediately the new Sh1,000 notes were introduced and announcement made that the old ones will be obsolete by October 1st 2019, people who came to exchange the notes were more compared to these days,” said Sylvia Muthoni, a teller at Kenya Commercial bank, Kiambu branch.
“Since I haven’t hoarded the old thousand shilling notes I do not find it necessary to exchange the ones I have for the new ones because I will still come into contact with the old ones. I will exchange the money when the deadline is near,” said Nancy Wambugu a resident of Kiambu town.
Another client of Family Bank, Paul Weru wondered why the bank continues to dispense the old notes at their ATMs, arguing that the bank should be helping in mopping up the old notes by dispensing only the new currency.
Kenyans are required to exchange the old notes for the new ones in commercial banks. One does not require to have an account with the bank of exchange if the amount is below a million.
They only require identification documents and confirmation that the money belongs to them, according to CBK Governor, Dr. Patrick Njoroge.
However, those depositing or exchanging 1000 shilling notes worth 1 million and 5 million will have to be account holders in the banks they are transacting in.
Furthermore, they will need to sign a declaration on the source of their cash.
For those exchanging notes above five million shillings, contacting the Central Bank of Kenya will be a mandatory requirement.

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