Govt Explains Ksh2.56 Billion Housing Levy ‘Refunds’ on Boma Yangu Platform

The National Housing Corporation PLC and the Affordable Housing Board have clarified that the Ksh 2.56 billion recorded as “refunds” on the Boma Yangu Platform does not solely reflect cash withdrawals by savers.

In a joint statement issued on July 23, 2026, the two institutions addressed concerns raised in recent media coverage and explained how the system records transactions.

“The National Housing Corporation PLC (NHC PLC) and the Affordable Housing Board (AHB) issue this joint statement following media reports, including in the Daily Nation of 23 July 2026, on the accounting treatment of funds recorded as ‘refunds’ on the Boma Yangu platform,” read part of the statement.

Figure Is Accurate but Widely Misunderstood on Boma Yangu Platform

The agencies confirmed the figure but clarified that the confusion stems from how the term “refunds” is interpreted on the Boma Yangu Platform.

“The two institutions confirm that Ksh 2,561,880,766 is the correct cumulative figure recorded under the platform’s ‘refunds’ category as at 30 June 2026. Neither institution disputes this number,” the statement read.

They explained that the label captures all outward movements from savings accounts, not just withdrawals.

“What is disputed is the common assumption that the entire amount represents savers withdrawing cash and exiting the programme. On Boma Yangu, ‘refund’ is an internal accounting label applied to any outward movement of funds from a saver’s savings wallet, whether that movement is a cash withdrawal or a transfer into a deposit wallet toward an actual home purchase. This is a labelling and disclosure issue, not a discrepancy in the underlying transaction data,” it added.

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Breakdown of Funds on the Platform

The figures show how contributors used their savings within the Boma Yangu Platform as follows:

• Savings applied as buyers’ deposits for Park Road units (remitted to the National Housing Corporation PLC) — Ksh 1,618,899,318 (63.2%)
• Savings applied as deposits for units in other projects (remitted to respective financiers, including the Affordable Housing Board) — Ksh 139,676,219 (5.5%)
• Subtotal – savings converted into home ownership — Ksh 1,758,575,537 (68.6%)
• Refunds of voluntary savings (statutory cash withdrawals) — Ksh 803,305,229 (31.4%)
• Total — Ksh 2,561,880,766 (100%)

Overall, most funds supported home purchases rather than exits from the programme.

Park Road Funds Were Purchase Payments, Not Withdrawals

The National Housing Corporation PLC further clarified the role of funds linked to the Park Road Housing Scheme.

“The Ksh 1.62 billion transferred to NHC PLC formed part of the amounts paid by the 1,370 beneficiaries and purchasers of homes under the Park Road Housing Scheme. These funds were payments made toward the purchase of housing units and did not represent cash refunds to savers,” the corporation stated.

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Savings and Membership Continue to Grow

At the same time, the agencies stated that the Boma Yangu Platform has recorded steady growth, with total savings rising from Ksh 2.47 billion in May 2025 to Ksh 5.47 billion, and registered users increasing from 1.02 million to 1.26 million.

However, withdrawals have grown at a slower pace, which indicates that most contributors continue to save toward home ownership.

The Affordable Housing Act, 2024, allows access to voluntary savings after a 90-day notice, offering flexibility when needed.

Housing Supply Expands but Demand Remains High

The government continues to scale up housing delivery, with nearly 300,000 units under construction nationwide.

Authorities expect to complete 45,000 units by the end of 2026 and an additional 15,000 by mid-2027.

Demand, however, remains high, as in Mukuru, about 24,000 applicants competed for 13,000 available units in a recent allocation.

Finally, the two institutions reaffirmed their commitment to accountability and clear communication on the Boma Yangu Platform.

“The NHC PLC and AHB remain committed to full transparency in how contributor funds are reported and reconciled and will continue to publish clarifications where platform terminology creates public confusion,” they stated.

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The Affordable Housing Board and National Housing Corporation issued a statement on July 23, 2026, clarifying the Ksh 2.56 billion ‘refunds’ figure on the Boma Yangu Platform and what it means for savers. PHOTO/ State Department of Housing and Urban Development X.