As Kenya progresses towards its Vision 2030 goals, the selection of the new German firm underscores CBK’s commitment to protecting national interests and adopting advanced technology in currency production, setting a precedent for future improvements in Kenya’s financial infrastructure
The German firm's advanced technology and strong security protocols were crucial to its selection, aligning with CBK's goal to boost the security and durability of Kenya's banknotes amid global challenges.
CBK replaces De La Rue with Germany’s G+D to print Kenya’s currency, enhancing security and aligning with Vision 2030 goals.
In a significant shift to secure the integrity and sustainability of Kenya’s currency supply, the Central Bank of Kenya (CBK) announced on August 7, 2024, that it had selected Germany’s Giesecke+Devrient Currency Technology GmbH (G+D) to take over the printing of Kenyan banknotes. This decision follows the expiration of CBK’s longstanding contract with De La Rue, the UK-based security printing company that had served as Kenya’s primary currency printer since 1996.
Background: De La Rue’s Historic Role
Since 1996, De La Rue has played a pivotal role in Kenya’s currency production, operating under a joint venture with the government of Kenya. In 2009, the CBK acquired a 40% stake in De La Rue’s Kenyan operations for approximately KSh 3.8 billion (~USD 30 million), a strategic move to enhance national oversight and ensure consistent quality in currency printing.
This stake enabled Kenya to have a say in operational decisions and monitor currency integrity, especially vital for maintaining financial stability and public trust.
Why the Transition?
The contract with De La Rue expired in 2023, and renewal talks stalled. This prompted CBK to launch a competitive international tender in January 2023, attracting bids from leading global currency printers with superior anti-counterfeiting technologies, pricing models, and production capacity.
Following evaluation, Giesecke+Devrient (G+D), a global leader in banknote and security printing, emerged as the top choice due to its advanced technical capabilities and proven track record.
Key Milestones in the Transition
Event
Date
Contract Negotiation Began
January 2023
Contract Awarded to G+D
June 2023
Training & Transition Period
July – December 2023
Official Printing Start
January 2024
According to CBK Governor Kamau Thugge, G+D offered “superior currency design and anti-counterfeit capabilities,” aligning with Kenya’s financial modernization goals.
Why G+D Was Selected
Advanced Anti-Counterfeiting Measures: G+D has developed cutting-edge security features, including optically variable inks, microprinting, and polymer blends, which reduce the risk of currency fraud.
Proven Global Experience: G+D prints currency for more than 100 central banks globally, bringing reliability and scalability.
This selection supports CBK’s broader strategic priorities—ensuring secure, efficient, and resilient currency management, especially in the face of growing cybercrime and forgery threats.
Government’s Stake and Future of De La Rue Kenya
The future of De La Rue Kenya’s operations, in which CBK retains a 40% shareholding, remains uncertain. Market analysts suggest the government may either divest from the venture or explore new uses for the Ruaraka-based facility, which had historically printed both local and regional currencies.
Broader Impact on Kenya’s Financial Ecosystem
The shift is more than symbolic. It represents:
Strengthened monetary sovereignty through technology-led innovation
Public confidence in an updated and secure currency system
A potential blueprint for future infrastructure modernization projects
This aligns with Kenya’s Vision 2030, which aims to position Kenya as a middle-income country with modern financial infrastructure and secure monetary systems.
Conclusion
The CBK’s decision to move from De La Rue to Germany’s G+D marks a defining moment in Kenya’s financial evolution. As global financial landscapes grow increasingly complex, this move not only safeguards currency security but also aligns with national priorities of transparency, innovation, and economic resilience.
The transition underscores the CBK’s commitment to embracing technological excellence, reinforcing Kenya’s reputation as a leading financial hub in East Africa.
