Troubled Ekeza Sacco has announced that it has begun refunding members' savings.
Ekeza founder and Chairman Bishop David Kariuki Ngari, popularly known as Gakuyo says the society will refund members' deposits in five different phases starting with those whose savings are below Sh5,000.
“By end of this week I will have refunded all members mapped to be Sh1,500 who had Sh5,000 downwards as savings in Ekeza Sacco,” says Gakuyo as quoted by the Business Daily.
Gakuyo says the second phase will see members with deposits of above Sh5,000 to Sh20,000 received their cash.
This will be followed by those with up to Sh50,000, then those with up to Sh200,000.
The first phase of the refund will be carried out at Gakuyo’s Calvary Chosen Centre Evangelical Church in Thika.
“We are disposing of our assets to get money. We are also pursuing those who owe us…and we are also seeking out strategic partners to revive our businesses. We have the goodwill to guarantee no member will lose any deposit…All we seek is patience and understanding,” says Gakuyo.
He explains that the refund process has been facilitated by the acting Commissioner of Cooperatives Didacus Ityeng’.
More than 50,000 members, including 5,000 Kenyans in the diaspora, had saved more than Sh2 billion in the Sacco by the time it got into trouble with the authorities.