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Mr. Kinuthia Pius. Profile picture
@Belive_Kinuthia
Oct 8, 2022 • 8 tweets • 3 min read • Read on X
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These are the painful experiences of Kenyans under these ASSET FINANCING institutions, MOGO and PLATINUM CREDIT:

#SpeakToKinuthia Image
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Platinum Credit gave me a loan of 384K and in 4 months I had paid 618,750. A whole over 255,000.

Real conmen

#SpeakToKinuthia Image
Another client took a 200k loan from MOGO , repaid 60k in two months. On the third month he defaulted. Requested for restructuring. It was declined.

His axio worth 500k was taken and now about to be auctioned.

#SpeakToKinuthia

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More from @Belive_Kinuthia

Mr. Kinuthia Pius. Profile picture
Jan 9, 2023
#CallForHelp

Wanjiku is a single mother who also lives with her two other siblings

She has been jobless since Sep last year

Her rent arrears = 18,000

She need our help

Your 50,500,1000 can help her buy unga

If you need to support her;MPESA:0758050527

🙏
Her story touched me. But I couldn't help her.

She has no phone. She sold it to cate for the family.

Every coin share to her aid will be accounted for her.

Thank you.
You have sent 1600.

Thank you.

More updates will be done here.
Read 5 tweets
Mr. Kinuthia Pius. Profile picture
Jan 7, 2023
On June 2022, Jackline Makena bought Mabatis worth Ksh. 56,180 from Royal Mabati Factory.

She paid via Mpesa.

MPESA transaction attached below.

#RoyalMabatiFraud.

1/ Image
The payment was confirmed.

However, Royal Mabati NEVER delivered nor processed her order.

After push and pull, Jacky was frustrated but never gave up.

In August, 3 months later, she requested for a refund since the company wasn't communicating to her.

#RoyalMabatiFraud

2/ ImageImage
Jackline was Advised by the company to fill a Refund Request Form and her money was to be refunded within 2 week.

She filled the form.

#RoyalMabatiFraud. Image
Read 5 tweets
Mr. Kinuthia Pius. Profile picture
Jan 7, 2023
This Sacco ,IT DOES NOT BUILD A BETTER LIFE to any Kenya.

Their motto is satirical.

How many of such Saccos will swindle Kenyans for the Government to wake up and act? Image
A probe ordered by the Commissioner of Co-operatives David Obonyo in April last year unearthed irregularities such as fictitious dividend payments, manipulation of financial books and irregular lending.
The probe also revealed an overstatement of the institution’s premier loan facility by an excess of Sh7 billion due to suspected disbursements to non-existent members of the Sacco.
Read 6 tweets
Mr. Kinuthia Pius. Profile picture
Nov 30, 2022
HUSTLER FUND FACTS:

1. Hustler fund has no committees, No paper work and needs zero connections to access. You only need your phone and a Registered sim card.
2. Hustler Fund will be clustered into 3 products:
a) Individual Borrowing (Ksh 500 - Ksh 50,000)

b). Group Borrowing (Ksh 50,000 - Ksh 250,000)

c). SMEs and Co-operative Borrowing.
3. 5% of the borrowed amount is automatically saved ie. if let's say you borrow Kshs. 10,000, ksh. 500 goes to your Savings . You will be able to access 30% of your savings after 6months, 70% after you hit the age of Retirement through NSSF.
Read 4 tweets
Mr. Kinuthia Pius. Profile picture
Nov 28, 2022
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.

1/
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.

2/
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.

3/
Read 5 tweets
Mr. Kinuthia Pius. Profile picture
Nov 25, 2022
There is this JUDGEMENT from small claims court where one of the #MicrofinanceInstitutions had SUED a customer claiming Ksh. 700k from the customer.

1/
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

2/
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.
Read 21 tweets

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