- De La Rue's closure highlights declining demand for banknotes globally as digital transactions gain traction.
De La Rue has spent Sh2.7 billion to lay off staff, pay lawyers and write off its assets as it closes down operations at its Nairobi unit.
De La Rue's closure highlights declining demand for banknotes globally as digital transactions gain traction.
Kenyans are in support of the current closure supporting the agenda of digital currencies, stating that those who were printing their own money are now worried but still worried and uncertain about what could possibly go wrong when Kenya Becomes the first country in Africa to adapt to digital currencies as De la rue quits.
@DividendIncome_
As digital transactions gain traction, De La Rue's closure in Nairobi serves as a stark reminder of the evolving landscape of global finance.
@kakajaluo
Some people will tell you it’s because the economy is bad yet they can’t even remember the last time they walked into a bank to make cash withdrawal or pay for something with cash...its all-digital especially in Kenya more so than any other country dare I say in the world...
@Arap_Nyasikera
How will politicians bribe voters in 2027?
@joashopiyo
I don't agree with the second paragraph...….. That is not the reason they closed down.
A report by Reuters Business on Thursday June 29, 2023, stated
“- De La Rue (DLAR.L) on Thursday showed signs of recovery in currency demand and continued strength in its authentication business especially towards the second half of the year, sending shares in the British banknote printer up nearly 12%.
The London-listed firm, which has struggled in recent years due to subdued currency demand and a number of operational hurdles, reiterated its full-year adjusted operating profit forecast to be in the low 20 million pounds ($25.28 million)range.”
Many individuals state that this might be the case but they could have invested in/divested into a payment services to ensure they still remain afloat.
