Relief for members as state reinstates Ekeza Sacco license

The Government has reinstated the licence of a troubled sacco which was cancelled last year.

Commissioner of Co-operatives Mary Mungai in a Kenya Gazette notice last week announced the reinstatement of Ekeza Savings and Credit Co-operative Society’s registration.

Ms Mungai said the ban was lifted after the sacco met set conditions.

Its permit was revoked following complaints that Ekeza was sharing office space and bank accounts with Gakuyo Real Estate Company, also owned by televangelist-turned-politician David Kariuki Ngare alias Gakuyo.

SEE ALSO :Ekeza Sacco founder puts properties on sale to refund members

Mr Gakuyo, the Ekeza chairman, yesterday welcomed the reinstatement of the sacco's licence, saying this was a clear indication the sacco had done nothing wrong.

Gakuyo, who is also the bishop of Calvary Chosen Centre Church in Thika, said no members would lose their savings. “It is my promise to all the 53,000 members of Ekeza Sacco that no one will lose their money. I am selling some of my properties and soon I will repay members all their savings,” he said.

Ekeza has been dogged by controversy since last year when the Government announced it had cancelled its licence.

The sacco had 26 branches and Sh2.56 billion in deposits at the time Mungai cancelled its licence through a gazette notice on March 23, 2018.

Ekeza SaccoGakuyo Real Estate Company