Nearly half of the Sh5.47 billion raised through the Boma Yangu savings platform has been refunded to contributors after more Kenyans opted to withdraw their money.
The rise in refunds has been driven in part by growing numbers of contributors who had signed up to buy government affordable houses leaving the programme and requesting their savings back.
By May last year, refunds on the platform stood at Sh788 million, but they have since more than tripled. Over the same period, net savings increased from Sh926.4 million to about Sh3 billion, though refunds grew slightly faster than new contributions.
Audit Finds Refunds Rose 3.5 Times Under Ruto
An audit of the Boma Yangu portal covering July 2020 to May 2025 found that refunds to prospective buyers under the Affordable Housing Programme rose 3.5 times after President William Ruto took office.
The report also showed that voluntary contributions during the final two years of former President Uhuru Kenyatta’s administration totalled Sh1.33 billion, compared with Sh1.14 billion collected between July 2022 and May 2025.
It further noted that refunds increased from Sh177.5 million in the 2020/21 and 2021/22 financial years to Sh610.7 million between July 2022 and May 2025.
“Between the 2020/21 and 2024/25 financial years, a total of Sh2,467,694,080 was received as voluntary contributions under the Boma Yangu Scheme. Out of this amount, Sh788,195,690 was refunded to prospective homeowners,” Auditor General Nancy Gathungu said in the report.
Latest Figures Show Refunds Have Climbed Further
The latest figures from the State Department show that refunds through the Boma Yangu platform have risen from about Sh788 million to Sh2.56 billion, while net savings have grown to about Sh3 billion.
Net savings reflect contributors’ deposits, plus investment income, after deducting refunds paid to people who withdrew from the programme.
The audit also found that the 2024/25 financial year recorded the highest annual refunds at Sh285.6 million, while the largest annual contributions were recorded in 2020/21, when savers deposited Sh741 million.
The State Department’s more recent data further indicates that the 2025/26 financial year recorded the biggest jump, with refunds increasing by Sh1.77 billion and net savings growing by Sh2.08 billion since May last year.
By December 13, 2025, Boma Yangu had collected Sh3.84 billion in voluntary savings, of which Sh2.24 billion had already been withdrawn. During the same period, registered users rose from 1.02 million to 1.26 million.
State Department Defends Rising Refunds
The State Department has said the rising refunds do not signal failure of the housing savings scheme, adding that “refunds are not a defect of the scheme, they are the scheme working as designed.”
It said the law gives every voluntary saver who has not been allocated a unit the statutory right to withdraw their savings, with accrued interest, on 90 days’ written notice.
The department said the refund figures include both contributors who withdrew their savings and those whose deposits were applied to purchase affordable housing units. However, it did not provide a breakdown showing how many contributors fell into each category.
Under the Affordable Housing Regulations of 2025, voluntary savers who miss out on a housing allocation can withdraw their accumulated savings and accrued interest, minus administrative fees.
However, a sharp spike in these withdrawals has triggered intense scrutiny over the actual public buy-in for the Affordable Housing Programme, a cornerstone government initiative that currently boasts more than 270,000 housing units under construction.
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