Discover and read the best of Twitter Threads about #MicrofinanceInstitutions
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Still on these #MicrofinanceInstitutions ...
CBK said that before a charter is handed over for operation by the CBKto any microfinance, they usually assure the CBK that they will operate TRANSPARENLY.
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CBK said that before a charter is handed over for operation by the CBKto any microfinance, they usually assure the CBK that they will operate TRANSPARENLY.
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By "OPERATING TRANSPARENTLY" means:
1. Availing THE SIGNED AGREEMENT to the customer.
2. Availing PAYMENT STATEMENT to the customer on REQUEST.
3. Not selling repossessed assets at undervalue and with the knowledge of the customer.
#MicrofinanceInstitutions.
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1. Availing THE SIGNED AGREEMENT to the customer.
2. Availing PAYMENT STATEMENT to the customer on REQUEST.
3. Not selling repossessed assets at undervalue and with the knowledge of the customer.
#MicrofinanceInstitutions.
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But 98% of the people who have loans do not have a copy of the agreement they signed because some of these #MicrofinanceInstitutions refuse to give them the agreemen.
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There is this JUDGEMENT from small claims court where one of the #MicrofinanceInstitutions had SUED a customer claiming Ksh. 700k from the customer.
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The customer had taken a loan of 1.3M.
Repaid about 900K and defaulted for one month.
The Microfinance institution repossessed the car valued at 2.5M and sold it at 1.5M.
They claimed the client still owed them 700k.
So they sued her.
#MicrofinanceInstitutions
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Repaid about 900K and defaulted for one month.
The Microfinance institution repossessed the car valued at 2.5M and sold it at 1.5M.
They claimed the client still owed them 700k.
So they sued her.
#MicrofinanceInstitutions
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This is how the case went:
The client denied the claim and urged the court to dismiss it in its Response to the Statement of Claim.
She stated that there was no evidence that the motor vehicle was sold and that if it was, it was transferred without her knowledge and consent.
The client denied the claim and urged the court to dismiss it in its Response to the Statement of Claim.
She stated that there was no evidence that the motor vehicle was sold and that if it was, it was transferred without her knowledge and consent.
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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