CBK warns Public against Fake New Currency and Unlicensed Forex Dealers

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Central Bank of Kenya (CBK) Governor Patrick Njoroge has cautioned Kenyans on the presence of fake new currency in the economy.

Speaking during the start of a sensitization campaign of the new notes in Kwale county, the CBK governor urged Kenyans to memorize the unique features found on the new notes to avoid becoming victims of counterfeit.

Njoronge’s statement comes barely two months after the introduction of the new generation currency bank notes by the regulator.

Kenyans are expected to exchange the old 1000 notes for new ones by 1st October, a move meant to enhance the war on graft and money laundering.

At the same time, CBK has cautioned Kenyans against dealing with unlicensed and unregulated online forex dealers adding that the platforms put Kenyans at risk of losing their money.

In a statement, CBK advised Citizens to check the licensing status of forex dealers from the CBK websites to confirm authenticity.

According to the regulator, some of the characteristics of these dealers and platforms include, purporting to offer the best forex deals in the market, lack requisite licenses issued by CBK or CMA (Capital Markets Authority), inadequate anti-money laundering and consumer protection safeguards.

“The platforms are downloadable on Google Play and Apple App store, and aggressively market themselves through social media and mass emails,” CBK further stated.

The bank  has encouraged any victims to report through the Banking Fraud Investigations Unit.

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