Ekeza Sacco reinstated after 4-month ban
What you need to know:
- Commissioner for co-operative development Mary Mungai cancelled the Ekeza Sacco’s licence through a gazette notice on March 23, prompting a legal suit.
- When the suit came up on May 4 for a ruling, the Ekeza withdrew the petition to settle the case out of court.
The more than 50,000 members of Ekeza Sacco can breathe a sigh of relief after the State allowed it to continue its operations.
Commissioner for co-operative development shut down the sacco on March 26 on claims of flouting the law. The society had 26 branches and Sh2.56 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.
When the suit came up on May 4 for a ruling, the Ekeza withdrew the petition to settle the case out of court.
