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More from @Belive_Kinuthia

Mr. Kinuthia Pius.

@Belive_Kinuthia

Jan 7

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/

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/

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.

Read 5 tweets

Mr. Kinuthia Pius.

@Belive_Kinuthia

Jan 7

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?

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.

@Belive_Kinuthia

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.

@Belive_Kinuthia

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.

@Belive_Kinuthia

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

Mr. Kinuthia Pius.

@Belive_Kinuthia

Nov 11, 2022

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

1/

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

2/

@CBKKenya

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

3/

Read 8 tweets

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