By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Yes AfricaYes Africa
  • Home
  • Economy
    EconomyShow More
    Nigeria’s fuel imports drop by 54% in Q1 2025
    June 13, 2025
    NUPRC to implement new drill or drop policy
    June 13, 2025
    AFDB to support Africa’s largest solar project with $184 million
    June 13, 2025
    China grants duty-free access to all African Nations
    June 13, 2025
    Over 1,500 civil servants have access to affordable consumer credit scheme – Tinubu
    June 12, 2025
  • Technology
    TechnologyShow More
    Moniepoint get approval to acquire 78% stake in Sumac Microfinance bank
    June 3, 2025
    How mobile money is driving growth in Africa
    May 21, 2025
    Nigeria set to rollout $2bn fibre network in Q4 2025
    May 20, 2025
    Vodacom pursuing joint fibre ventures in Africa broadband push
    May 20, 2025
    China to establish new Electric Vehicle factories in Nigeria
    May 20, 2025
  • Africa Development
    Africa DevelopmentShow More
    Nigeria’s fuel imports drop by 54% in Q1 2025
    June 13, 2025
    NUPRC to implement new drill or drop policy
    June 13, 2025
    AFDB to support Africa’s largest solar project with $184 million
    June 13, 2025
    China grants duty-free access to all African Nations
    June 13, 2025
    Over 1,500 civil servants have access to affordable consumer credit scheme – Tinubu
    June 12, 2025
Search

Archives

  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024

Categories

  • Africa Development
  • Economy
  • Technology
  • Privacy Policy
  • Advertise
  • Careers
  • About Us
  • Contact
© 2024 YesAfrica Company. All Rights Reserved.
Reading: Kenya signs deal with German Company to print new bank notes
Share
Sign In
0

No products in the cart.

Notification Show More
Aa
Yes AfricaYes Africa
0
Aa
  • Economy
  • Africa Development
  • Technology
Search
  • Home
  • Technology
  • Africa Development
  • Economy
  • Bookmarks
Have an existing account? Sign In
Follow US
  • Privacy Policy
  • Advertise
  • Careers
  • About Us
  • Contact
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Yes Africa > Blog > Africa Development > Kenya signs deal with German Company to print new bank notes
Africa DevelopmentEconomy

Kenya signs deal with German Company to print new bank notes

Oloruntoba Yusuf
Last updated: 2024/08/22 at 10:34 AM
Oloruntoba Yusuf
Share
3 Min Read
SHARE

Kenya has signed a five year deal with a German company to print new bank notes and replace the old ones. The deal is valued at Sh14.2 billion ($109,422,740) and was awarded to Giesecke+Devrient Currency Technologies GmbH (G+D), a German security printing firm.

The Kenyan Central bank Governor, Kamau Thugge said the deal was done to address the possible stock-out of the old currency notes. He noted that technical and financial capabilities of the German firm informed the decision to sign the deal.

Speaking further, Thugge argued that the printing of new currency is a very sensitive process that requires top firms with proven track records of professionalism.

Thugge’s explanation is coming on the back of criticisms generated by the deal. Since the deal was signed, many Kenyans have raised concerns about transparency and lack of public disclosure. In addition, they accuse the government of cover up due to the secrecy associated with the deal.

- Advertisement -

In the past, currency printing deals have also generated public outcry with British Firm De La Rue accused of making huge profit from the deal. As a result, it was suspended last year leading to a new agreement with the German firm.

The deal has also generated also led to questions about lack of openness within President William Ruto’s government. However, the Central bank of Kenya has maintained that the deal was kept a secret to ensure the integrity of the money printing process. In addition, the bank noted that it wanted to protect the security of country’s financial system.

Since the deal was signed, the Central bank has been trying to address the questions of secrecy and corruption. This led to the invitation of the Governor by the Kenyan parliament. Responding to questions from the lawmakers, Thugge said the deal went through due process.

According to him, it was scrutinised and approved by the National Security Council headed by Ruto himself.

This new deal will see the printing of Kenyan currency notes with 1,000 shilling bills issued first. Also, the old notes will be phased out gradually and will be in circulation alongside the new one.

- Advertisement -

The new deal will cover the printing of 50,100,200,500 and 1,000 shilling notes. It comes as Kenya reels from a huge debt crisis, soaring inflation and reintroduction of scrapped tax measures by the government.

TAGGED: kenya, Trending News
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article Businesses optimistic about improved conditions- CBN survey
Next Article BVN, NIN required for Nigeria’s $500 million bond subscription.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
- Advertisement -

Latest News

Nigeria’s fuel imports drop by 54% in Q1 2025
Africa Development Economy June 13, 2025
NUPRC to implement new drill or drop policy
Africa Development Economy June 13, 2025
AFDB to support Africa’s largest solar project with $184 million
Africa Development Economy June 13, 2025
China grants duty-free access to all African Nations
Africa Development Economy June 13, 2025
//

We influence 20 million users and is the number one business and technology news network on the planet

Yes AfricaYes Africa
Follow US

© 2024 YesAfrica. All Rights Reserved.

  • Privacy Policy
  • Advertise
  • Careers
  • About Us
  • Contact
Welcome Back!

Sign in to your account

Register Lost your password?