Get Rid of The Old 1000 Shillings Note Before It’s Too Late

The deadline for demonetization of the old 1000 shillings note is fast approaching with a good number of Kenyans still keeping their old notes in the form of cash.

The October 1 deadline is just in less than a month, prompting people who have lots of old notes stashed in their safes, or briefcases to exchange them with the new currency as soon as possible.

Unfortunately, people who acquired the lump sum money illegally are seeking some avenues to get rid of their excess cash.

Millionaires take the old notes to fundraising events, churches and the businesses that generate a lot of cash within short periods. These people target businesses like restaurants bars and night clubs to get rid of their 1000 shillings note.

The rush to beat the deadline has also increased liquidity in the market as some experts suggest. People with excess old notes will now start paying premiums in order to acquire and exchange their shillings with dollars.

However, CBK announced that it will not extend the deadline to a later date despite lots of cash still resurfacing from unknown sources.

Then why should you strive to get rid of the excess old 1000 shillings notes while M-Pesa has got you covered?

Why M-Pesa is your best option to get rid of your old 1000 shillings notes

1. With M-Pesa, you can transact a large sum of money at a go.

Whether you want to send money to a registered M-Pesa user or to your bank account, M-Pesa has and will always have your back as a Safaricom customer.

You can transact up to 140,000 shillings per day using m-pesa. A maximum of 70,000 shillings per transaction. The rates are relatively affordable.

The maximum amount you can have in your m-pesa account is 100,000 shillings. Meaning that you can deposit or send money to your bank daily and before the set deadline, you will have secured millions of cash from being rendered useless.

2. You can transact money through lipa na M-pesa

The money in your m-pesa can be used without having to withdraw it, which might lead to additional charges and requirements.

Instead of withdrawing the money from your m-pesa account to pay for goods and services, go for lipa na mpesa.

Buying goods or paying for services through lipa na mpesa is free of charge.

Keep your old notes in your m-pesa, not in your safe.

3.M-pesa saves you time and energy

Time is so precious to waste in a long que at the banks. Going to the bank and finding that line especially at this time when kids are going back to school is so frustrating. Most banks are parked to the full.

At the banks, you will have to fill forms and while you are filling the forms, those who are behind you might end up overtaking you.

Avoid these frustrations by using m-pesa to make payments through your favorite bank. Just use your m-pesa on Safaricom app or visit that agent in your neighborhood for enquiries.

With m-pesa, there is no standing in long ques for hours nor filling of forms, it is quick and easy.

4.M-Pesa gives you a savings option. (M-Shwari)

You should deposit that excess stash of old notes into your M-shwari savings account.

M-Shwari is convenient because of its good features like;

• Enables you to open and operate an M-Shwari bank account through your mobile phone, through M-PESA, without having to visit any bank to fill out bank account opening forms.
• It provides you the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
• It gives you an opportunity to save as little as Ksh.1 and earn interest on your saving balance. This cash is moved into the savings account using your handset via the M-PESA Menu.

• Enables you access micro-credit product (loan) of a minimum of Ksh.100 anytime and receive your loan instantly on your M-PESA account.
• The daily average deposit balance will earn the customer interest even with the minimum balance amount.
• M-Shwari has competitive interest rates on savings, better than the other banks.
• The minimum amount you can deposit in your account is zero.

M-Shwari also has a locked savings account option.  The funds saved on the M–Shwari Lock Savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and six months. Customers can make a micro deposit into this.

It is still not clear whether CBK will extend the demonetization deadline but what everyone is sure of is that the old 1000-shilling note will still be in excess by October 1.

While people are rushing to other avenues to exchange their old and excess 1000 shillings note, take the opposite direction and go for M-Pesa. The surest way of getting rid of your old stash.