Nairobi, April 2 -- A growing number of savings and credit cooperative societies (saccos) are blocking members from exiting and clinging to their deposits against their will, complaints filed with the Competition Authority of Kenya (CAK) show.

Records show that in the year ended June 2023, the watchdog handled at least eight cases where saccos had declined to release member deposits despite 60-day notifications of their intention to exit.

CAK intervention

Some saccos, including KICO Sacco, were forced to refund member deposits on intervention by the CAK.

"The complainant sought withdrawal from the sacco membership as per the bylaws of the society but KICO declined to refund his deposits. The complainant was refunded and the case was c...