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In recent years, Kenyans have come out to emotionally complain about the inhumane treatment they are subjected by these MICROFINANCE INSTITUTIONS.
They were even EMBOLDENED by my #ExploitativeShylocks thread on October.
#MicrofinanceInstitutions
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They were even EMBOLDENED by my #ExploitativeShylocks thread on October.
#MicrofinanceInstitutions
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I personally reached out to them.
I also reached out to the institutions for their comments.
I didn't stop there; I thoroughly researched about each individual institutions.
#MicrofinanceInstitutions
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I also reached out to the institutions for their comments.
I didn't stop there; I thoroughly researched about each individual institutions.
#MicrofinanceInstitutions
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This thread is therefore about my findings and guide our people on what to do before applying for these loans.
I will also share my PETITION I drafted to @CBKKenya .
Our people need to a LITERACY SESSION about these institutions.
#MicrofinanceInstitutions
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I will also share my PETITION I drafted to @CBKKenya .
Our people need to a LITERACY SESSION about these institutions.
#MicrofinanceInstitutions
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After the #ExploitativeShylocks expose,many victims expressed their willingness to be enjoined in any class legal suit.
90% of those victims complained about MOGO & PLATINUM.
The rest had serious issues with MWANANCHI & MOMENTUM.
90% of those victims complained about MOGO & PLATINUM.
The rest had serious issues with MWANANCHI & MOMENTUM.
Platinum Credit was not helpful at all in my facts finding mission. From the CEO's accounts, it was difficult not to agree with every complaints both employees and clients raised about Platinum Credit.
Eden Bridge were very helpful. The two complaints raised were verified and addressed professionally despite the clients having exaggerated their complaints.
SACCOs are supposed to be lending money against your savings and at times your guarantors' savings. Almost all SACCOs are doing this. Some give X3, X2, or x5 of your savings with them.
Some SACCOs are industry based e.g Mwalimu, police Stima, etc. Others are regional, therefore,
Some SACCOs are industry based e.g Mwalimu, police Stima, etc. Others are regional, therefore,
fewer complaints are expected from the operations.
Today I received a complaint here on Twitter: He was awarded a loan in Nov 2019, He's been paying 27k per month through check-off( salary) but after inquiring lately his balance is 984k. I decided to do my amortization.
Today I received a complaint here on Twitter: He was awarded a loan in Nov 2019, He's been paying 27k per month through check-off( salary) but after inquiring lately his balance is 984k. I decided to do my amortization.
Since he is paying via salary you don't expect him to default. From November 2019 to date is 34 months therefore his scheduled balance should be around 615k yet they are saying he owes 984k Look at the amortization schedule below. This is so unfortunate, #ExploitativeShylocks 
#ExploitativeShylocks.
Mr Frederek Bayan took a loan from MOGO against his logbook in 2020. He has been paying the loan for almost a year and a half now.
Last week one of MOGO staff,Mr Christopher Mala Joshua called him & advised he pay Kshs 277,000/ to clear the loan,
Mr Frederek Bayan took a loan from MOGO against his logbook in 2020. He has been paying the loan for almost a year and a half now.
Last week one of MOGO staff,Mr Christopher Mala Joshua called him & advised he pay Kshs 277,000/ to clear the loan,
After requesting a balance statement,again it came to 279,112.
He cleared the amount via mpesa.
After payment was made, the branch manager assigned a staff member to dismantle the tracker from the car as proof that we had for sure cleared the loan.
He cleared the amount via mpesa.
After payment was made, the branch manager assigned a staff member to dismantle the tracker from the car as proof that we had for sure cleared the loan.
When he visited the office again to check progress on his logbook , he was informed that he needed again to pay arrears amounting to 73k.
He was referred to one Mr Kevin who also reteriated that the logbook cannot be released if the amount is not paid.
He was referred to one Mr Kevin who also reteriated that the logbook cannot be released if the amount is not paid.
#ExploitativeShylocks . These are stories from Kenyans in My DM.
THREAD:
“Hi Kinuthia, I took a loan of 250,000 from Platinum Credit in 2017. What is so sad is that they have been making 16,000 deductions from my salary till today.”
THREAD:
“Hi Kinuthia, I took a loan of 250,000 from Platinum Credit in 2017. What is so sad is that they have been making 16,000 deductions from my salary till today.”
“Hi Kinuthia, Baron Capital Limited sold a vehicle worth 750k over a loan of 60k despite repaying a total of 125k between April and September this year”
#ExploitativeShylocks
#ExploitativeShylocks
Hello Kinuthia,MOGO harasses Kenyans. It's daylight robbery. You take a loan using your car as collateral. You default even 2k, they come for your car shamelessly. Innocent Kenyans are suffering bro.
Your expose is working miracles. Thank you”
#ExploitativeShylocks
Your expose is working miracles. Thank you”
#ExploitativeShylocks
