The Central Bank of Kenya (CBK) has set a limit on the maximum value of new coins that banks are allowed to give to customers.
The CBK wrote to Chief Executives of banks and microfinance institutions to cap issuance of new currency at Kshs 100.
“Since CBK is in the process of undertaking a public awareness campaign, the distribution is being limited to Kshs 50 and a maximum of Ksh 100 of the new coins equivalent per customer,” stated Paul Wanyagi, CBK acting director for currency operations department.
The regulator noted that more public awareness on the new coins launched on December 11 last year was required.
“The new generation coins will circulate alongside the coins previously issued and not withdrawn. We welcome commercial banks to place their coin orders using the already existing mechanism,” directed Wanyagi.
The CBK has been distributing material for public awareness of the features of the new currency through all its branches, currency centres and other outlets with public outreach.
In the circular, it called on banks to familiarise their cashiers, tellers and front office staff on the features of the new generation coins and also circulate pamphlets on these currencies to their customers.
During the launch of the new currency, President Uhuru Kenyatta thanked CBK for taking into consideration the public's aspirations and ideas in the production of the new generation coins.
The money contains symbols that represent significant aspects of the nation which will serve as a means of preserving the Kenyan culture and passing relevant knowledge.
The introduction of the new currency was in line with the constitutional requirement that barred Kenya from printing money containing the face of a president.
