Commercial banks recall £20, £50 notes

Local commercial banks have advised Malawians in possession of £20 and £50 banknotes to deposit them with their respective banks before September 30.

In a statement issued on Friday, Bankers Association of Malawi (BAM), a grouping of the country’s commercial banks, said this follows the withdrawal of the legal tender status of the two banknotes by the Bank of England.

BAM chief executive officer Lyness Nkungula said in the statement that banks will not accept the notes in question after September 30 2022.

“We, therefore, advise all customers in possession of the said notes to immediately deposit them with their respective banks before 30th September 2022,” she said.

Nkungula said the banknotes will become obsolete and will no longer be used.

The £20 and £50 banknotes are being replaced with new polymer ones are considered more durable.

The Bank of England started withdrawing the old bills from circulation when the newer polymer £10 and £20 notes were first issued in 2020 and 2021, respectively.

The new £20 note from the Bank of England will feature prolific British painter Joseph Mallord William Turner while the £50 will highlight mathematician Alan Turing, according to a statement issued by Bank of England.

According to the bank, further changes to banknotes and coins will be made following the death of Queen Elizabeth II, although this will be a transition and the money currently remains legal tender.

The Queen was the first monarch to feature on the Bank of England’s banknotes and her image has been synonymous with Britain’s currency.

Her image has also been featured on the banknotes used in countries such as Australia, New Zealand and Canada.