The clock is ticking. The deadline to the ongoing demonetization process is fast approaching and a section of Kenyans is worried.
The Central Bank of Kenya has set the date on 30th September, less than 6 days away, after which the old 1,000 banknotes will cease to be operational.
Already, Safaricom has said that M-Pesa shops will not be accepting the old 1,000 banknotes after Thursday (26th of September 2019), less than 2 days away.
Supermarkets across the country started rejecting the old 1,000 banknotes as early as 20th of September.
The Central Bank of Kenya, on the other hand, has placed tough conditions, including putting more than 800 bank accounts on its watch list to cut out any incidences of money laundering.
In other words, those still with large bundles of the old 1,000 banknotes are screwed unless they exchange them as soon as possible.
Question: Do you still have large amounts of the old 1,000 banknotes? Are you in a fix and don’t know how you will exchange them?
Make use of M-Pesa
Distribute the cash to people you trust. Let them deposit in on mobile phones via M-Pesa then transfer to their bank accounts and withdraw it in the new currency. Simple.
M-Pesa allows up to 140,000 shillings, in a transaction of 70,000 each. Meaning if you have 100 people, you can manage 14,000,000 a day. (This is for those who are heavily loaded).
Visit the nearest bank
Just take your cash to the bank. Banks are taking in the old 1,000 banknotes without haste. If you have less than 5,000,000 shillings, banks won’t give you many problems. Just state the source.
What is more, any bank will give you the new currency irrespective of whether you have an account with them or not. Bank the cash. And if you have too much, divide it before the deadline.
Take the money to the church
This sounds funny but do you trust your pastor? Give him the money and let him bank the cash using the church account. He/she will then withdraw in new currency and give it back to you.
Some will say this is illegal but it is what is happening. Why do you think politicians have been so generous with Harambees of late? It is a business. A pastor will always say the cash is from the flock or fundraising.