PS Hinga: Bulk of Boma Yangu ‘refunds’ paid deposits for home buyers Hinga says the Sh2.56bn figure includes both cash refunds and deposits for customers allocated houses. News 20 min ago

PS Hinga said both cash moved from the savings wallet of a prospective homebuyer under the affordable housing programme (AHP) and cash refunded to prospective customers who decide to take back their money are treated as “refunds” in the state department’s accounting.

The State Department said the idea behind savings in the Boma Yangu platform was born out of realization that many Kenyans would need to save progressively to raise a 5 per cent deposit required to apply for allocation of a house under the AHP PS Hinga noted that sometimes, prospective customers are forced to withdraw the savings to meet day-to-day needs.56 billion recorded as refunds under the Boma Yangu platform did not leave the Affordable Housing Programme and was instead used as deposits for home buyers, a breakdown by Housing PS Charles Hinga has indicated.