The new currency in Kenya (notes). It was somewhat of a surprise on Madaraka day when President Uhuru and his Central Bank Governor surprised Kenyans with new currency notes. It was the second and last phase in Kenya’s currency reform in line with the 2010 constitution. Besides fulfilling the requirements of the constitution, the move is also aimed at stemming corruption. Hence, unlike countries where demonetization was a complete surprise, Kenyans had been wildly speculating and anticipating the introduction of the new currency since 2010.

Will Kenya achieve its goals with demonetization or will it fail? By exploring such events in other countries within and beyond the continent will reveal a few realities Kenyans will have to grapple with in the near future.

Myanmar (Burma)

In 1987, Burma’s military expunged about 80% kyats in circulation with the aim of curbing the black market. However, commercial activity in the country immediately came to a standstill with most currency deemed worthless. The government under the leadership of General Ne Win faced a lot of backlash common citizens.

Especially students who could no longer access financial aid from their parents. Widespread dissatisfaction in conjunction with demonetization of the Kyat led to massive protests that led to the 1988 revolution.

Also Read: Top 10 Richest countries in Africa 2019

India

Similar to Myanmar, the Indian government in 2016 declared 99% of Rupee notes in circulation void. The government also gave a 50-day deadline for all 500 and 1000-rupee notes to be exchanged in banks with new generation notes. However, the government failed to print new notes fast enough creating a currency crunch that lasted a few months.

That left Indians cashless or in lines waiting their turn to access small amounts of legal tender. Ultimately, 1% of the country’s GDP was wiped out in the cash crunch while 1.5 million jobs were lost. As such, the attempt to flush out untaxed wealth being hoarded by wealthy Indians, only hurt the poor Modi’s government was trying to protect.

Nigeria

During President Buhari first stint as President of Nigeria between 1983 and 1985, Nigeria underwent sweeping reforms. One of these was banning of old notes in an attempt to root out runaway corruption from the country. However, the Nigerian Central Bank implemented the new measure irresponsibly by printing more cash which led to galloping inflation and left a heavy debt burden.

Ultimately, the Nigerian economy was incapable of absorbing the effects of the cash crunch and eventually the economy collapsed. This led to another coup de tat led by Ibrahim Babangida (another dictator) that deposed Buhari from power.

Also Read: Who is the richest man in Africa?

Ghana

In January 1982, the Provisional National Defence Council (PNDC) government, led by Jerry Rawlings announced the demonetization of the 50-cedi note. The public was only given two weeks to deposit old notes in banks for chits redeemable at a later date. Ghana also shut its border for two years. All that was aimed at stemming excess liquidity, curb tax evasion, punish corrupt politicians, and devalue large sums of the currency outside the country.

This was in the revolutionary spirit of Rawlings’s new military junta that was fed up with successive corrupt governments in the country since independence. However, all the government succeeded to accomplish was make all cedi denominations, including the 20 cedi note, worthless. Subsequently, the public lost confidence in the country’s entire monetary system. People, therefore, resulted to holding physical assets, foreign currencies and relying on the black market for the supply of goods that there were no goods in formal supermarkets and shops for years.      

From the examples above, demonetization is a grim affair that governments always seem to get wrong. Will Kenya’s story be different? Only time will tell.

American innovation goliath Microsoft Corporation has disclosed an arrangement to set up an innovation improvement focus in Kenya.

Talking at a gathering facilitated by President Uhuru Kenyatta at State House Nairobi on Monday, top administrators of Microsoft driven by Vice President for Gaming Phil Spencer said the Africa Development Center will serve the Eastern Africa locale.

The innovation center, the seventh comprehensively, won’t just be the organization’s door to the country, however, conveys the immense potential for employment and business open doors for well informed Kenyan youth in the different ICT specializations.

Mr Spencer stated, that the partnership will before long employ 100 local engineers, openings that were declared in March.

President Kenyatta respected the new activity and guaranteed Microsoft of his full help.

“You can depend on my 100 percent support. I need this to be a straightforward organization that benefits Microsoft and Kenyans extraordinarily. We need you to make Kenya your African home,” President Kenyatta said.

The President said Kenya is the best set nation in the continent to have the new improved site.

“You won’t discover another nation with a similar limit like Kenya,” he said.

As indicated by Microsoft, the Africa Development Center will be the head center point of designing for the US innovation organization and its associates.

Other than Nairobi, Microsoft has reserved Nigeria as the other recipient of a comparable office on the landmass to serve West Africa.

Here are 12 facts about Microsoft that you probably didn’t know

1. Microsoft is one of the top patent holders in the U.S.
2. Steve Jobs and Bill Gates were once friends.
3. Bill Gates was first announced as a billionaire in 1995, and he was the youngest billionaire at that time. His net worth was $12.9 billion.
4. Microsoft has made two other billionaires other than Bill Gates and also more than 13,000 millionaires.
5. The first Microsoft logo was designed in less than a day by the co-founders Bill Gates and Paul Allen
6.  The first smartwatch was made in 1994 and it was made by Microsoft and Timex, but it didn’t go that well since the watch wasn’t that great.
7. Microsoft Celebrates Anniversaries With M&Ms – a Microsoft employee is expected to provide one pound of M&Ms for every year they’ve worked.
8. Microsoft Has a Huge Art Collection
9. The average salary of a developer in Microsoft comes in at $106,000
10. Microsoft 1.o was first released in November 1985.
11. There was a hyphen in the name Microsoft (Micro-Soft) and it was removed in 1981
12. Microsoft was started in 4th April 1975 in New Mexico by Bill Gates and Paul Allen