Gakuyo’s Ekeza Sacco: Controversial Sacco, Ekeza Sacco, has been reinstated after a four-month ban.
The Sacco has received a conditional reinstatement that will now offer a sigh of relief to over 50,000 members holding about Sh. 2 billion in the Sacco.
The commissioner for co-operative development shut down the sacco on March 26 on claims of flouting the law. The society had 26 branches and Sh. 2.56 billion in deposits at the time.
“The management committee is pleased to advise its members that following an appeal to the Cabinet secretary, we have obtained a conditional approval for reinstatement of our registration,” said Ekeza Sacco chief executive Gladys Muriithi.
Commissioner for co-operative development Mary Mungai cancelled the Ekeza Sacco’s licence through a gazette notice on March 23, prompting a legal suit.
The two parties later agreed to settlebthe matter outside the court. It however remains to be seen if the Sacco, which has grown its popularity through vigorous advertising in Gikuyu radio stations will continue to attract depositors.
