At midnight when the operation was concluded, old series Ksh.1,000 notes valued at Ksh.7.4 billion had not been exchanged and became worthless. Demonetisation marks a single step in the fight against illicit finance and corruption more generally. Sustained efforts are needed to deliver victory. The strong AML/CFT filters that were applied will continue to be deployed.
The information already gathered will also support further investigations by law enforcement agencies. But most importantly, we have created a launch pad for progress towards using less cash for transactions, as we increasingly embrace the readily available mobile and electronic channels. This will make it harder to launder ill-gotten funds, and for cash-based corruption to survive.