The Central Bank of Kenya (CBK) Governor, Dr Patrick Njoroge holding the newly launched banknotes. Photo from Kenyan Wallstreet.
The Governor of the Central Bank of Kenya (CBK); Patrick Njoroge, unveiled new generation currency notes 12 days ago.
The Governor made it known that the move was in order to check illicit flows and counterfeits.
Dr. Patrick Njoroge explained that, “We have assessed the grave concern that our large banknotes particularly the older Sh1000 shillings series. They are being used for illicit financial flaws in Kenya and even other countries in the region,”.
To ensure that this is stopped, the Central Bank Governor announced that the old 1,000 Kenyan Shillings notes will be retired effectively from the 1st of October 2019 this year, allowing those holding them to change the notes into the new ones at their banks.
But even though more and more individuals living in Kenya begin to encounter the new notes while carrying out various transactions, many are still confused about how to differentiate the genuine notes from the counterfeits which have already begun to trickle into the market.
A Fake Ksh 1,000 new generation note that is said to be in circulation. Instead of the KICC building and the contested Mzee Kenyatta statue on the genuine notes, it bears Parliament Buildings. Photo by Dan Muhuni as posted on Facebook.
While speaking to Business Today after the introduction of the new notes on Madaraka Day, Anne Njeri who is an M-Pesa agent said “I know I will get them when I go to get new float. But if someone comes to deposit, how will I know they are the ones?”.
The new currency notes come with several security features which act as deterrents and safeguards to make sure that the risk of counterfeiting is minimized.
In that spirit, the Central Bank Of Kenya (CBK), has encouraged the public to be aware of the available security features incorporated in the genuine currency notes as that knowledge will enable to be able to distinguish between genuine and fake notes.
On its official Website, the Central Bank of Kenya (CBK) states that “Each genuine banknote incorporates a number of security features that make the counterfeiting of the currency notes extremely difficult,”.
The information below will enable you know the said security features which are present in the new generation currency notes:
