Kenya to introduce new banknotes to curb illicit financial flows

Africa Link Reports

 

The Central Bank of Kenya (CBK) will introduce new banknotes, Patrick Njoroge (photo), the governor, announced last weekend.

According to the official, this is to tackle illicit financial flows that affect the country’s economy.  By October 1, 2019, old Ksh1000 notes should also be removed.

“We have assessed the grave concern about our large banknotes particularly the older Sh1000 shillings series. They are being used for illicit financial flows in Kenya and even other countries in the region,” Governor Njoroge said.

Recently, Kenya’s president Uhuru Kenyatta, who has been criticized for his “slowness” in suing high officials involved in corruption cases, has launched an anti-corruption strategy.  

In that regard, tight measures have been imposed for financial transactions worth over $10,000 to ensure traceability and deter fraudsters.

Let’s remind that according to the African Union, Africa loses $80 billion yearly to illicit financial flows. 70% of these flows are recorded in the mining sector.

Moutiou Adjibi Nourou