Thread by @Belive_Kinuthia

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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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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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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Whereas many Kenyans I reached out admitted to having not entirely read the agreements they signed because of the prevailing situation that necessiated their application for the loans,many were Not allowed to take the agreements with them home.

#MicrofinanceInstitutions

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In our existing economic hardships and inaccessibility of financial support from our conventional banks, many Kenyans, faced with myriads of emergencies, opt for these #MicrofinanceInstitutions.

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These are the key issues many KENYANS raised;

1. Unconscionable and high interest rates customers don't understand.

2. Harsh penalties on defaulted loans.

3. Hidden Charges clients don't understand.

4. No loan offer form given.

#MicrofinanceInstitutions

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5. No agreement given after signing.

6. Many approach the institutions months after defaulting.

7. Cruelty when repossessing assets.

8. Many do not read the agreement forms.

9. The principle of loan restructuring not clearly understood.

#MicrofinanceInstitutions

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When you visit Mwananchi , Platinum , Eden Bridge CAPITAL Ltd,MOMENTUM Credit or even MOGO Ltd, ensure you understand the details in the agreements.

Do not agree to be rushed through the signing of the documents, Read them and internalize them.

#MicrofinanceInstitutions

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