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COST OF NEW MONEY: Kenyan banks to redesign ATMs to accommodate new currency

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Following the roll-out of the new currency unveiled on Madaraka Day, Kenyan banks will now be forced to reconfigure their Automated Teller Machines as well as acquire new cash counting machines that will be able to accommodate the new currency.

The small nature and new features of the currencies prompt the need for ATM upgrades and new money counting machines found in teller booths to verify cash amounts and capture counterfeits.

Automated teller machines (ATMs) around the country should, therefore, be able to accommodate the new Ksh 1,000 notes before the October 1 deadline.

picture of Kenya Bankers Association CEO Habil Olaka during the launch of the KBA housing price

Reports by Business Daily affirmed that the Kenya Bankers Association (KBA) indicated that banks were working with the Central Bank of Kenya (CBK) to ensure the adjustments are done quickly for a smooth transition.

KBA Chairman Habil Olaka highlighted, “There is the returning of the cassettes where notes are held in the ATMs and then there is the software upgrades, especially for more sophisticated machines like the ones that take deposits.”

“The degree of work each type of machine will require will vary the cost implications, but we are committed to making sure there is minimal disruption of regular services,” he affirmed.

The CBK redesigned the 1, 5, 10 and 20 shilling coins in December 2018 and begun releasing the new 50, 100, 200, 500, and 1,000 shilling notes in the second phase of the transition to the new currency.

READ ALSO:   VIDEOS: Panic grips Kenya as the corrupt are hit hard by new rule on Sh1,000 notes

The introduction of the new currency notes was in a bid to not only tackle illicit financial flows but also cash counterfeiting as well as to arrest tax cheats.

With Kenya being the most advanced economy in the region, CBK will, therefore, coordinate the move to scrap the banknotes with its counterparts in the region as Kenya’s currency is widely accepted and used to make transactions.

SOURCE-kenyans.co.ke

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VIDEO: Garden of Joy is officially a GREEN PROJECT

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Garden of Joy by Optiven is fully installed with solar powered street lights.

The initiative is an add on not initially earmarked for the project.

Implementation of water recycling technology, Recycling of biogradable waste and hundreds of trees in place.

We have been undertaking intentional education on green energy as per sustainable development goals no 11 and No 7

The launch of the green initiative was graced by reknown artiste -JUSTINA SYOKAU, of the hit song Twendi twendi.

Joy and dance broke out to celebrate this great step as Optiven ups it’s game in greening projects under it’s portfolio. Watch the video here>>> https://youtu.be/XaNmhif7dAA

The project is ready to build with owners already groundbreaking for their dream homes.

At a price of 1.495M, get a piece of Joy today. We also have installment options as well.

To secure your plot TODAY, call us on 0723400500 or visit www.optiven.co.ke
#GardenofJoyGoesGreen

READ ALSO:   Igathe ditches Equity Bank and Kenyans wonder whether he can ever keep a job for long
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Restoring The Dignity of Senior Citizens

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In order to succeed, our desire for success should be greater than our fear of failure.

That’s why Optiven Foundation together with Philanthropists and partners continues to Transform the lives of Mama Nduku and her children in Ivovoani.

Partner with us TODAY to enable her succeed in getting a new home. Log on to www optivenfoundation.org
#RestoringTheDignityofSeniorCitizens
#OurPhilanthropyDay
#TransformingLives
#Eyesonthecommunity

READ ALSO:   Igathe ditches Equity Bank and Kenyans wonder whether he can ever keep a job for long
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VIDEO: Bonus Value Add for Garden of Joy customers

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Finally, it’s all joy for those who bought the Garden of Joy (GOJ). Optiven has pulled a positive surprise by kicking off the installation of hundreds of green solar lights along all the estate roads. The launch happened today when the GOJ was declared a green project.

The engineer installing this green energy friendly street lights lauded Optiven for being an Eco-friendly organization and openly subscribing to suitable development goals no 11 (Sustainable cities and communities) and no 7 ( Affordable and clean energy)

https://www.facebook.com/watch/live/?v=355584738838377&ref=watch_permalink

Among the guests who attended this event was Justina Syokao of the popular 2020 hit song.

The installation was packed with joy as the Garden of Joy joined other Optiven projects that have already gone green.

We urged all our customers to join the green movement by building houses that have natural light, use water recycling technologies such as bio digester, trees planting and managing waste.

This project is now ready for occupation and customers have already started building fast and furious

The plots are on offer at 1.295M up to the 30th October. The offer will be 1.495 from 1st of Nov

Secure your property today with only 200k and enjoy a 12 months installment plan

READ ALSO:   Kenyatta family acquires another bank at Sh1.4B

If you want to join this green project, get in touch with us Today:
Phone: 0790 300 300 | 0723 400 500
Visit our Website for more details: www.optiven.co.ke

https://www.facebook.com/georgeoptiven/videos/355584738838377/
We were live at Garden of Joy.

Kindly click the link, share and let’s create engagement as we talk about how we can participate in the Green Agenda. #GardenOfJOYgoesGREEN
#OptivenGoesGreen

 

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