Are you conversant with the new banknotes?

A spot-check by The New Times, over a period of four days, around Kigali established that a many traders, mostly informal ones, are hesitant to accept the new Rwf2,000 and Rwf5,000 banknotes, perceiving them to be counterfeit. Traders were unaware of the new notes and their features leading them to turn down clients with the notes or threatening to take them to the law enforcers. Nelson Rubumbira, an airtime vendor at Kimironko Market, admitted having turned away clients with the new notes for fear that they were counterfeit. “Over the weekend, I received a client with the new Rwf2,000 note but I thought it was fake. It was my first time seeing the banknote and I was not aware there was going to be a change,” Rubumbira said. Many traders said despite being updated about current affairs and following the latest events mainly on radio, they had not learnt of the development until they saw the notes. Celestin Rwigamba, who owns a wholesale outlet along the busy Quartier Matheus in downtown Kigali, said the new notes, which are homogeneous at a quick glance, have got people confused. Comparing the new notes with the rollout of the Rwf500 denomination which went into circulation last year, Rwigamba said there was a clear distinction between the former and the latter, which made the transition easier. “The challenge with the new notes is that the difference between them and the former notes is so minimal that without sensitisation most people will think it is counterfeit,” Rwigamba said. Homogeneity The design of the two notes did not change much but French was removed from the back of the notes with English the remaining language, while Kinyarwanda remained printed on the front face. However, when contacted, Gauther Girwamuhire, the director of currency and banking operations at the National Bank of Rwanda, downplayed the concern, saying cases of confusion were not many. He said the central bank was working closely with commercial banks and their branches throughout the country to popularise the new legal tender. Girwamuhire said they have only received one complaint from Muhanga District, which they have since sorted out. “The rollout is work in progress. We are working with commercial banks and have so far provided them with the specimen of the notes, which they display for their clients,” Girwamuhire said. “We have also had radio shows about the notes to explain to the public and are also distributing leaflets. What is important to know is that both notes are still in circulation. The security features have been maintained for anyone willing to confirm authenticity.” Vanessa Mutamba, the Bank of Kigali communications officer, said they were working closely with the central bank and their branches had been supplied with the specimen. “Our staff are aware of the new notes and their features and are willing and ready to help those with queries,” Mutamba said.

News

Are you conversant with the new banknotes?