Banks have issued a warning to Kenyans over the rolling out of the new currency that was unveiled on Madaraka Day.
Through an advertisement on the local dailies, the Kenya Bankers Association asked citizens to remain vigilant while dealing with money during the currency exchange period ending on October 1.
The association alerted Kenyans that criminals dealing in fake cash and money launderers would exploit the exchange period to inject illicit cash in the economy through unsuspecting citizens.
"There may be attempts to launder illicit funds through the banking system during the exercise of replacing the old generation notes with the newly released ones," read the statement.
The banks have also put in place mechanisms of facilitating the exchange with minimal disruptions.
"The process will include reconfiguration of ATM machines & currency counters and coordination with the Central Bank in Nairobi, as well as, the currency centers in Meru, Nyeri and Nakuru, which are operated by the Central Bank in coordination with the Kenya Bankers Association."
"Therefore during this period, customers are requested to cooperate with the industry regulatory requirements, particularly for cash deposits in excess of Ksh1 million."
People who want to exchange the old notes for a value of less than Ksh1 million can do so at their bank branches.
Kenyans without bank accounts can exchange at any branch of any bank, or even at the CBK. They will need to have official identification.
Citizens who want to exchange amounts between Ksh1 million and Ksh5 million will need to go to their own banks.
Those who do not have bank accounts and want to exchange this amount will need to contact the CBK which will then endorse them and they can go to a designated bank branch.
People who want to exchange amounts above Ksh5 million will need to contact the CBK.
