Dr. Kamau Thugge, Governor of the Central Bank of Kenya (CBK), has announced that a well-known German company has been tasked with printing new banknotes for Kenya.
During a press briefing, the CBK Governor explained the details of the ongoing process and the reasons behind the initiative.
“The printing is being done by a German firm and it is actually one of the best firms,” Thugge stated during the live broadcast without revealing its identity.
It is speculated that Giesecke+Devrient (G+D) is the unnamed company, as it was previously competing with Swedish Crane Currency and France’s Oberthur Fiduciaire to replace UK-based De La Rue PLC in supplying high-quality banknotes for Kenyan currency.
G+D is a leading global provider of secure payment and identification solutions and has a history of working with African countries such as Nigeria and South Africa on currency printing and security related services.
The company might be replacing De La Rue which halted operations in the country in March 2023 due to operational challenges and financial disputes with the CBK.
If partnering with Kenya, the company will be tasked with printing of new series of banknotes as well as the provision of related secure printing technology.
Kamau highlighted the selected company’s expertise and reputation, noting that it will guarantee the high quality and security of the new banknotes.
Dr. Kamau explained that this decision is a standard part of the Central Bank of Kenya’s operations.
“This is just a normal process of the Central Bank of Kenya. The notes that we have are getting old and, therefore, we need to get new notes. That is really the reason,” he explained.
The replacement of ageing currency notes is a standard practice to maintain the integrity and functionality of the nation’s monetary system.
In June 2018, the High Court authorized the Central Bank of Kenya to begin accepting tender bids for the printing of the new Kenyan currency.
Judge Chacha Mwita denied a request from De La Rue Security Printing and another interested printing company that aimed to stop the CBK from opening the tender documents.
In 2023, it was reported that De La Rue spent Kshs 2.7 billion to lay off staff, pay lawyers and write off its assets as it closed down operations at its Nairobi unit in Ruaraka due to low currency and cheques printing business.
