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    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    Rebecca Miano feted for promoting diversity and inclusion at KenGen

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    Kenyans celebrate Maxine Wahome for winning the World Rally Championship

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    Asante EPZ Limited Fined For Illegal Merger By CAK

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    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

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    DCI arrests COVID-19 scammers

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    Emirates Takes Triple Gold For The Third Year In a Row For Safety

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    National Construction Authority Suspends Licences of 18 Contractors

    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

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    Regional property summit kicks off in Nairobi

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    Five Reasons Why Real Estate Increases in Value

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    Optiven Foundation Launches TVET Sponsorship Program

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    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

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    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

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  • World Business
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Kenyan Business Feed
  • Home
  • News
    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    Rebecca Miano feted for promoting diversity and inclusion at KenGen

    Rebecca Miano feted for promoting diversity and inclusion at KenGen

    Kenyans celebrate Maxine Wahome for winning the World Rally Championship

    Kenyans celebrate Maxine Wahome for winning the World Rally Championship

    Uhuru Praises World Rally Championship for positive impact

    Uhuru Praises World Rally Championship for positive impact

    Politician on EACC Radar for Swindling MCA’s Ksh14 Million

    Politician on EACC Radar for Swindling MCA’s Ksh14 Million

    Stockholm+50: Kenya calls for accelerated actions to avert environmental crisis

    Kenya to co-host UN Ocean conference in Portugal

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Asante EPZ Limited Fined For Illegal Merger By CAK

    Mobile phone subscribers decline by over 200,000 – CA Data

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

  • Markets
    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

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    IBL Group acquires Amethis stake in Naivas International

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    Bad News for Kenyans As Fuel Prices Increase By Sh 9

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    Jambojet and Cellulant Partner on Loyalty Customer Rewards

  • Real Estate
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    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

  • Tech
    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

  • World Business
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    Why Mercedes Benz is Recalling Their Old Models

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    Cold comfort awaits a springtime Davos

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

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    Central African Republic Adopts Bitcoin as an Official Currency

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    • Banking
    • Insurance
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Home KBF Banking

Retailers exposing themselves to regulatory punishments on rejecting old Sh1,000 currency ahead of CBK deadline

by Kenyan Business Feed
September 19, 2019
in Banking
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Retailers are exposing themselves to legal suits and regulatory punishments on opting to reject the older Sh1,000 notes ahead of the central bank withdrawal deadline of October 1.

A number of retailers including supermarkets and eateries are issuing notices to customers that they will not accept the old notes between September 26 and 29 —a day ahead of the Central Bank of Kenya (CBK) deadline for withdrawal.

The government in June issued an order for withdrawal of the older version of Sh1,000 notes by October 1 following the introduction of new notes to tackle illicit financial flows and counterfeiting.

Retailers have been forced to reject the older notes earlier than October 1 following confusion on how to deal with sales on the last day of trading with the old Sh1,000 note and fearing caught up with large volumes of cash that will become worthless overnight.

Lawyers reckon that older Sh1,000 note remains legal tender until October 1, and retailers rejecting could be sued and punished by the CBK. advertisement

“The old notes remain legal until September 30. Why should they refuse?” posed senior counsel Ahmednasir Abdullahi, adding that customers can sue the firms barring customers to transact in the older notes before the deadline.
He added that the retailers could face action from the CBK.

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The Sh1,000 notes accounted for 83 percent of the Sh540 billion in circulation or Sh217 billion as per the CBK June data.

This illustrates that the Sh1,000 notes remain the king currency in Kenya, a position that has seen it favoured by those making fake currency as well as dealers hiding illicit cash outside the banking system.

“Dear customer, as per the government directive, we will not be accepting the old Sh1000 note as from September 26, 2019. Kindly use lower denominations or other means of payment,” fast-food chain Pizza Inn said in an SMS notice to its clients. Top retailers had a similar notice.

“We are taking precaution not to find ourselves with notes that we can’t bank. We are, therefore, going to cease taking the notes from 29th Sunday night,” Naivas Chief Commercial Officer Will Kimani said.

The older versions of smaller denominations will remain in circulation alongside the new ones launched June 1, but after October 1, the older Sh1,000 note would be invalid.

The 500 notes accounted for 5.9 percent of currency in circulation, Sh200 (4.2 percent), Sh100 (4.8 per cent) and Sh50 (1.9 per cent).

Banks also urged customers to rush and beat the deadline to replace the older notes.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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