Reason Behind ATMs Delay in Issuing New Currency Notes
Kenyans have expressed concerns regarding their inability to withdraw new currency notes at their local Automated Teller Machines (ATMs).
The reason is due to the fact that ATMs in Kenya are calibrated to only recognize the old currency that is being withdrawn.
Commercial banks are currently fastening the process of ensuring ATMs can recognize and dispense both the new and old currencies.
However, in some of the financial institutions, only teller machines inside banking halls that have been calibrated to recognize both the old and new notes.
Vending machines are also currently affected as they have been reported to be rejecting the new banknotes.
Changes of key security features, texture and sizes of the notes have seen the banking technocrats working to adjust the systems in the ATMs and all other machines that deal with money.
A report done by a Citizen TV reporter on Tuesday showed Kenyans the alternatives of getting the new notes. Any Kenyan can simply visit his/her personal bank for the exchange of money below Ksh1 million.
Another option highlighted was how one can access the currency notes via withdrawals from the ATMs within the bank halls.
In a statement that was sent to all commercial banks dated June 11, CBK directed that persons exchanging currency notes not more than Ksh1 million of the withdrawn currency notes will exchange at their commercial banks, CBK branches or the nearest banks.
All customers exchanging currency notes ranging from Ksh1 million to Ksh5 million of the withdrawn currency will be required to exchange at their commercial banks under the normal procedures and requirements.
Individuals without bank accounts exchanging new currency more than Ksh1 million are required to have an endorsement from CBK.
Persons who want to exchange the new currency notes more than Ksh5 million are also required to have an endorsement from the Central Bank.
The new notes were unveiled by CBK Governor Patrick Njoroge during the Madaraka Day celebrations where he informed Kenyans that the old Ksh 1,000 note will be withdrawn effective October 1 when they will cease to be legal tender.
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