Kenya is introducing new banknotes in a bid to fight corruption

Kenya has fired a direct shot at the nation’s endemic corruption: by issuing a new generation of banknotes.

In a surprise move, the government announced the 1,000 shillings ($10) note will be discontinued by October 1 in a bid to fight corruption, counterfeit, and money laundering. Central bank governor Patrick Njoroge said people who want to exchange amounts between 1 million and 5 million shillings will have to go to their banks to do that.

Those who don’t have a bank account will need to contact the central bank and will be directed to a local bank after providing sufficient identification and confirmation that the cash belongs to them. Those with more 5 million shillings in cash will also have to contact bank officials.

Thanks for being a loyal reader. You’ve hit your monthly article limit. Become a member to continue reading and support our journalism.

Unlock unlimited access to Quartz, including member-exclusive coverage, events, and access to our journalists.

Membership will

About the author

Add a Comment

Your email address will not be published. Required fields are marked *