Banks will now have to reconfigure their automated teller machines (ATMs), acquire new cash counting machines and upgrade their software to accommodate the new currencies introduced to the market last Saturday, Business Daily Africa has reported.
The new currencies are smaller and have different features, prompting the need for ATM upgrades and new money counting machines found in teller booths to verify cash amounts and capture counterfeits.
“There is the retuning 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,” KBA chairman Habil Olaka said yesterday.
The older versions of smaller denominations will remain in circulation alongside the new ones launched on Madaraka Day, but after October 1, the older Sh1,000 notes will become invalid.
The Kenya Bankers Association (KBA) Tuesday said banks were working with the industry regulator, the Central Bank of Kenya (CBK) to ensure the adjustments are done quickly for a smooth transition.