Ekeza Sacco, Which Has 5,000 Members in the Diaspora, to Know its Fate in Three Months

Ekeza Savings and Credit Cooperative Society will know its fate in three months time, Commissioner of Co-operatives Mary Mungai says.

Ms Mungai said a verdict will be given after liquidators complete their work even as her agency prepares refunds to members who had saved Sh50,000 and below. She also warned of misleading advertisements about the society.

“I have information on some radio advertisements by individuals claiming the sacco will be reopened. The decision to reinstate the sacco’s licence will be based on a report from our auditors,” she said.

Ms Mungai appointed assistant Director of Co-operative Audit Stephen Kamau and Principal Co-operatives Officer Philip Ukhevi to oversee the affairs of the sacco. The two were asked to establish the financial status of the Sacco, ensure a management team is in place and new offices to handle the activities of the society. 

Ekeza Sacco’s licence was revoked earlier this year after complaints that it was sharing office space and bank accounts with Gakuyo Real Estate company. It also failed to hold annual meetings and elections.

“It will have its workers, offices and accounts. Ekeza as an independent entity can buy land from Gakuyo and deposit money in Gakuyo’s accounts, but there should be no mixing of resources,” Ms Mungai said.

“Audited reports will show what the society owns, money in its accounts as well as loans given to members,” she said.

There were also complaints that it had reneged on an earlier pledge to help members purchase land and build houses.

Ekeza, which is associated with Calvary Chosen Centre Bishop David Ngari Gakuyo has a membership of 85,000 with 5,000 of them being Kenyans in the diaspora. It has 26 branches across the country and Sh2.56 billion in deposits.