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I'm a bit skeptical that this article tells the complete story. Who is printing these counterfeits? What are their incentives? Why not just keep printing more and inflate the currency into oblivion?

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Because you can only counterfeit the old notes, which have already been inflated to the oblivion: the largest note (1000 shillings) is $0.04. Because the cost of producing a remotely passable counterfeit is also approximately $0.04, the currency is now stable-ish.

If you produce a shiny new 10,000 note, nobody will recognize or accept it.

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