The deadline for exchanging the old Sh1000 notes is long gone but one man in Siaya County is counting his losses.
Julius Odinga has been left with Sh500,000 in old currency Sh1000 notes and claims banks in Kisumu let him down.
Speaking during an interview on a local TV station, Odinga stated that the money was part of his retirement package but it is all useless now since he cannot use the money.
He alleged that he often went to banks before the September 30, 2019, to no avail.
“I went to Kisumu to return the money. They did not have the new notes. Whenever I went to hotels, they often refused to take KSh 1,000 notes,” he said.
Jackline Atieno, his sister-in-law, refuted that narrative saying Odinga was convinced by some of his friends to keep his wealth a secret since his siblings would take away his money if they found out he had thousands in his account.
“There is a day his brother tried to talk him into exchanging the money. Sadly, some guys from the village told Julius his brothers were bound to take away his money if they ever found out he was a wealthy man.
“He did not want his brothers to know what was going on in his house,” she revealed.
Odinga now wants the government to come to his aid as he looks to venture into the transport business.
On October 1, 2019, the Central Bank of Kenya announced the successful completion of the demonetization of the older series Sh1000 notes.
The exercise was aimed at addressing the concern of illicit financial flows and the emerging risk of counterfeits.
According to the CBK, during the period, Kenyans exchanged their banknotes in smaller amounts.
62% of transactions were under Sh500,000
79% of transactions were under Sh1,000,000
92% of transactions were under Sh 2,000,000
7,386,000 pieces of older Sh1000 notes were rendered worthless at the end of the exercise.
The deadline for exchanging the old Sh1000 notes is long gone but one man in Siaya County is counting his losses