AHB, NHC Clarify Boma Yangu ‘Refunds,’ Saying They Largely Reflect Home Purchase Deposits

NAIROBI, Kenya — The Affordable Housing Board (AHB) and the National Housing Corporation (NHC) have clarified that the Sh2.56 billion recorded as “refunds” on the Boma Yangu platform does not primarily represent contributors withdrawing their savings from the Affordable Housing Programme.

In a joint statement issued on Thursday, the two institutions said the figure of Sh2,561,880,766, as at June 30, 2026, has been widely misinterpreted because the Boma Yangu system uses the term “refund” to capture all outward movements of funds from a contributor’s savings wallet, including transfers made towards purchasing affordable housing units.

“The figure of Sh2.56 billion is accurate. What is disputed is the common assumption that the entire amount represents savers withdrawing cash and exiting the programme,” the statement said.

According to the agencies, the term “refund” serves as an internal accounting label applied whenever money leaves a contributor’s savings wallet, regardless of whether it is paid out as cash or transferred into a deposit wallet for the purchase of a home.

Majority of funds went toward home ownership

The agencies disclosed that Sh1.62 billion, representing 63.2 per cent of the total amount recorded as refunds, was transferred to the National Housing Corporation as buyers’ deposits for the Park Road Housing Project.

A further Sh139.7 million was transferred as deposits for units in other affordable housing projects across the country.

Combined, the two amounts total Sh1.76 billion, accounting for 68.6 per cent of the amount recorded as refunds and representing funds converted into home ownership rather than withdrawn from the programme.

By contrast, the agencies said only Sh803.3 million, equivalent to 31.4 per cent of the total, represented actual cash withdrawals by voluntary contributors.

Withdrawal rights protected by law

The Affordable Housing Board and NHC emphasized that voluntary savers retain the legal right to withdraw their contributions.

“Section 52(4)(a) of the Affordable Housing Act, 2024 guarantees every voluntary saver the right to withdraw their savings on ninety days’ notice,” the statement noted.

The agencies said the recorded cash withdrawals therefore reflect contributors exercising a statutory right rather than evidence of widespread exits from the programme.

Park Road beneficiaries highlighted

The National Housing Corporation said the Sh1.62 billion transferred to the corporation comprised deposits made by 1,370 beneficiaries who purchased homes under the Park Road Housing Scheme.

According to the statement, the buyers acquired the units either through outright purchase or under the Tenant Purchase Scheme, through which approximately 300 housing units have been purchased.

Savings and registrations continue to grow

The agencies also reported continued growth in participation under the Affordable Housing Programme.

They said cumulative savings on the Boma Yangu platform increased from Sh2.47 billion in May 2025 to Sh5.47 billion by June 2026, while the number of registered users rose from 1.02 million to 1.26 million over the same period.

Actual cash withdrawals increased only marginally during that timeframe, rising from Sh788.2 million to Sh803.3 million, which the agencies said indicates that most contributors have continued saving or converted their savings into home purchase deposits.

The Affordable Housing Board and NHC further stated that nearly 300,000 affordable housing units are currently under construction across the country, reaffirming their commitment to transparency and accountability in the management of contributors’ funds under the Affordable Housing Programme.