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Banks derail State’s plan for housing

Retirement Benefits Authority (RBA) Chief Executive Nzomo Mutuku. [Courtesy]

Banks are frustrating the implementation of a law allowing workers to use their pension savings as guarantee deposits for purchasing houses, an official has said.

The law, which came into effect in 2015 through an amendment in the pension laws, allows workers to use their pension savings to secure financing in excess of what they have saved to buy a home.

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