Home ECONOMY Kenyan currency no longer accepted in Ugandan Banks: BOU

Kenyan currency no longer accepted in Ugandan Banks: BOU

by biasharadigest

Banks in Uganda will no longer accept Kenyan currency at the counter.

A statement from Uganda’s Central Bank said the move is aimed at boosting Kenya’s fight against counterfeits and illici flows.

“The Central Bank of Kenya has informed Bank of Uganda that they have issued a new series of Kenya banknotes effective May 31, 2019…..in light of new developments, BOU will not accept Kenya shillings at its counters with immediate effect,” the notice reads.

The memo from BOU’s acting Executive Director Operations Charles Malinga Akol dated June 10, 2019 also said the new currency is only available in Kenyan banks.

He further directed all commercial banks in Uganda to subject all cash flows from and into Kenya to due diligence.

This effectively puts all banks in Uganda on high alert with regards to transactions involving the Kenyan shilling.

The new Kenyan currency was unveiled on June 1 this year with CBK Governor announcing that older Ksh.1000 notes will cease to be legal tender on October 1, 2019.

All other denominations are expected to circulate alongside the new generation banknotes, he said.

“People who would like to exchange between Ksh.1million and Ksh.5million will need to do so in *their own* banks. Those without bank accounts and want to exchange these amounts will need to contact the CBK,” the authority said.

Commercial banks are expected to obtain confirmations from customers on the nature of their businesses that generate the respective large cash transactions.

The CBK is further engaging with forex bureaus, payment service providers, money remittance providers, investigative agencies and other financial providers to ensure the adherence to regulations.

Additional reporting from Kepha Muiruri

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