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Home Business News Economy M-Pesa shops to refuse old Ksh 1,000 come 26th September

M-Pesa shops to refuse old Ksh 1,000 come 26th September

M-Pesa shops will from September 26th not accept the old Ksh 1,000 notes as announced by Telcom giants Safaricom.

The move by Safaricom is in line with that of Central Bank of Kenya, CBK who have set the deadline for the old notes as 30th September.

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Kenyans who are huge M-Pesa shops clients will resort to use the bank after the stipulated deadline as it has been the case.

Also read: CBK warns against conducting online foreign exchange

CBK in a notice to all Kenyans, they notified all mother and grandmothers to change the old notes as they well known for being saving money in secret locations for long.

“Our mothers and grandmothers are epic savers. They may have some money around their homes. Please check on them and remind them of the deadline of September 30 for exchanging the older Ksh 1000 notes.”

CBK Governor Patrick Njoroge confirmed to have received about Ksh 100 million of the old Ksh 1,000 currency.

Also read: Bank of Tanzania freezes exchange of new notes

Once they have collected them, they will securely transport to CBK headquarter where they will be cut into smaller shreds.

The shreds will then be transported on a different date to be burnt in public under tight security within Nairobi.

Berryl Achieng
Kenyan news interests me a lot but I also keep tabs on other news making headlines in Africa and around the world.

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