Kenyans will not be required to have a bank account in order to exchange old Sh1000 notes for the new generation bank notes that were launched on Madaraka Day.
Directives issued by Central Bank of Kenya (CBK) Governor Patrick Njoroge said Kenyans holding the old Sh1000 notes will have to visit nearby banks to get new ones so long as they prove that the money belongs to them by providing legal identification that will confirm they own the money.
However, the CBK demands those possessing more than Sh1,000,000 up to 5 million in old notes will have to visit their local bank branches where they are well-known.
They will then be required to sign a declaration form before converting their old currency to new ones.
“For between Sh1 million to Sh5 million, you will need to go to your bank where they know you, your type of business and they will still ask the usual questions and you sign the usual declaration forms just like it has been done before,” Dr Njoroge said as quoted by Nation.
Those with more than Sh5 million will be required to contact CBK before having their cash changed.
Dr Njoroge said exchanging Sh1,000 banknotes for the new generation bank notes will end on 1st October.
"All persons have until October 1, 2019, to exchange Sh1,000 banknotes for the new generation bank notes, after which the older notes will cease to be legal tender," Njoroge said.