De La Rue: Kenyans Question Closure of Money Printer in Nairobi after Whistleblower Faults CBK
- De La Rue, a UK banknotes printer, closed its operations in Nairobi, Kenya, citing low demand from the Central Bank of Kenya (CBK)
- Economic columnist Alfred Amenya raised pertinent questions on what happened to the 40% government stake in the company
- Amenya's whistleblowing on CBK's deal with a German banknote printer caused debate among social media users
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at TUKO.co.ke.
Kenyans have raised concerns over the new banknotes printing deal after the exit of UK-based firm De La Rue.
Source: Twitter
De La Rue shut its Nairobi, Kenya operations in 2023, citing reduced demands from the Central Bank of Kenya.
Why Kenyans questioned De La Rue exit
Economic Columnist Alfred Amenya raised questions on social media concerning the exit of the company, which prints currency for other African countries, including Tanzania.
Amenya demanded answers from CBK on what happened to the 40% government stake in the company.
"What happened to the government's 40% shares in De La Rue when it closed, was there a liquidation?" he asked.
According to Amenya, the state allegedly quietly short-changed Kenyans in new currency designs when it entered a deal with a new printing firm from Germany, allegedly without public participation.
What Kenyans said about De La Rue exit
Amenya's pertinent questions and concerns caused debate online, with some Kenyans questioning the viability of the new banknote printing deal.
@_Sansee_ asked:
"Kwani De La Rue kuna nini?"
@DrJuma_M wondered:
"How does A money Printing Company De La Rue that already has Big Customers Like Tanzania shut down considering it was the only one in Africa, we need Answers."
@kilonzombuviKE asked:
"Is it possible to print out cash here in Kenya? What prevents us from doing so?
@AbramsMarcD argued:
"De La Rue went Bankrupt…"
@Kim_ALF0NS0 asked:
"Why do we print Kenya's currency in colonial factories? Don't we have the capacity to print our own currency?"
Source: UGC
@thee_alfa_house said:
"If true, such decisions should involve public scrutiny to ensure accountability and proper use of public funds. Further clarification from relevant authorities would help address these concerns."
@DanChepta asked:
"Is it possible for a country to print its currency in a different country?"
@Rev_Ancheras asked:
"If this is real where are we heading as a country?"
@awkeitakelvin wondered:
"What do you mean "is printing it in Germany?"
Which company is printing Kenyan currency?
The allegations followed a KSh 14 billion deal between CBK and Giesecke+Devrient Currency Technologies GmbH (G+D) based in Germany.
CBK governor Kamau Thugge revealed that the deal was signed to prevent a shortage of banknotes.
CBK released a new series of banknotes with changed features, including signatures and security marks, which the German firm was supposed to print.
The new banknotes printing kicked off with the KSh 1,000 denomination, which ran into a stockout in June 2023.
Proofreading by Mercy Nyambura, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
