On August 7, Central Bank Governor Kamau Thugge announced upcoming changes to the current Kenyan currency denominations. He mentioned that a renowned German company has been contracted for the job.

During a press briefing, Dr Thugge detailed the complexities of the ongoing process and the reasons behind the changes.

“The printing is being done by a German firm and it is one of the best firms,” he said during a live broadcast interview.

Speculations have arisen that the unnamed firm is German company Giesecke+Devrient (G+D), which previously competed with Sweden’s Crance Currency and France’s Oberthur Fiduciaire to replace UK-based De La Rue PLC as the Central Bank of Kenya’s supplier.

A spot check by Bizna Kenya revealed that Giesecke+Devrient (G+D) is a leading global provider of secure payment and identification solutions established in 1852. Some of the notable banknotes printed by G+D include the Euro, Australian Dollar, and Canadian Dollar.

Giesecke+Devrient (G+D) also has a long history of working with African countries like Nigeria and South Africa in printing their currency.

Headquartered in Munich, G+D is likely to replace De La Rue, which ceased operations in Kenya in March 2023 due to operational difficulties and financial disputes with the CBK.

How the new banknotes will look like

Besides G+D, another company involved in currency printing in Germany is Bundesdruckerei. Founded in 1765 and headquartered in Berlin, this government-owned enterprise provides products akin to those of G+D but focuses heavily on security solutions for the German government.

Kamau Thugge disclosed that the firm chosen for printing the new banknotes has an excellent reputation and ensures top-notch quality and security for the new issues. He further clarified that this decision is part of the Central Bank of Kenya’s broader operational strategy.

“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 said.

Replacing old currencies is a standard practice designed to uphold the integrity and efficiency of the country’s monetary system.