Without a bank account, you will not be able to exchange more than Sh1 million of old currency with the new notes.
In another measure meant to shield abuse of the withdrawal process of old Sh1,000 notes from circulation, the Central Bank of Kenya (CBK) has directed commercial banks to seek its express approval before allowing such a transaction.
“Any person without a bank account who shall be in possession of currency notes of an amount exceeding Sh1 million shall require the endorsement of the CBK before exchanging the notes,” CBK Governor Patrick Njoroge says in the regulations that will guide the process.
This means that Kenyans with such huge amounts will be forced to open a bank account or lose their money.
It will also make it harder for those with ill-gotten cash to pick random people to help them clean their dirty money through the financial system.
