•The Sacco has been in the limelight for the mismanagement of members’ Sh2.4 billion savings.
The troubled Ekeza Sacco has started refunding members funds, chairman David Gakuyo has said.
Gakuyo on Thursday said a total of Sh600 million will be refunded to those who want their money back.
The members' savings will be thoroughly vetted before the refund is done.
Speaking in Thika town, Gakuyo said only those who had applied for the refund will be paid. “Only those who applied have been shortlisted for the refund. Not all members of Ekeza Sacco,” Gakuyo said.
The sacco has started refunding those who deposited Sh5,000 and below before it moves to those with bigger deposits. Gakuyo said those who deposited not more than Sh100,000 should be ready for the refund by June 13.
He denied claims the sacco was dead, saying he was working to undo the growing lies and claims that he is a thug.
“The life of Ekeza is still on. We will still go into business because this was the quagmire that was behind every bad thing happening,” Gakuyo said.
Some members held demonstrations in Nairobi demanding full repayment. They accused Gakuyo of lying they would be refunded.
"No one was saving Sh5,000 as claimed. The deposits were much bigger than that. We were contributing between Sh80,000 and Sh200,000 and that is the refund we want," a demonstrator said.
Gakuyo had earlier announced a 60-day recovery plan during which those who wish to withdraw their savings will access their money.
He had initially started disposing properties to raise cash to refund members. The Sacco has been in the limelight for the mismanagement of members savings amounting to Sh2.4 billion.
Its licence was canceled last year and the sacco placed under receivership by the government over non-compliance with regulations.
Edited by P. Obuya