The embattled Mwananchi credit limited has hired Keyboard warriors to sanitizer their darkdealings after Kenyan Bulletin published the plight of logbook fraud victims.
https://kenyanbulletin.com/2020/08/20/mwananchi-credit-is-conning-us-logbook-loan-fraud-victims-speak-out/
Yesterday, a bunch of influencers on Twitter were pushing #MwananchiSaves trying to online paint the better side of the microfinance firm that has been, allegedly looting from many unsuspecting members.
I don’t blame Influencers because people have to make ends meet but, do you have to eat on the table that hundreds if not thousands are complaining about a con scheme?
Use your influence to help people not to support what is not only oppressing them but also looting and robbing them on book.
Funny enough, Dennis Mombo, the CEO of Mwananchi credit has not issued a statement addressing or replying to the victim complaint this site had published (link).
Lack of response to the allegations and paying online influencers to sanitize and Keyboard cleanse such, as they say on their website, leading fast loan firm in Kenya is the lowest form of customer relations in the recent history!
Does it mean the microfinance is engaged in under dealings that are exposing debtors to an insider fraud?
Lest i forget, Kenyan firms should stop this habbit of responding to published allegations with suspicious court orders and threatening demand letters.
See, most of these shylocks take Kenyans for granted and keep on looting their hard earned savings.
And Kenyan never bother to check out and be extra keen when signing up for such. This, unfortunately, is the way many fall into a debt trap.
The victims should organize a meet-up, ofcourse in line with the guidelines from the ministry of Health to avoid the spread of COVID-19 and visit their offices with a battery of lawyers.
In other related story, in 2017, there was panic in shylocking after Izwe Loans was sued by loan hunters.
According to papers filed in court, the notorious Izwe Loans Kenya Limited was sued by a frustrated Kenyan due to unconscionable, immoral, iniquitous, unreasonable interest rate of 62.04 per annum.
In the suit papers, he argues that the rate is against common law and public policy of money lending in Kenya as derived from existing legislation.
The case was filed after Izwe loans disbursed Kes 1,314,000 to the Plaintiff and thereafter auctioned the Plaintiff’s executive Mercedes Benz car valued at approximately Ksh. 4 million to recover an outstanding loan of approximately Ksh 1.8million, following only two months of default in repayment.
In their opinion, Financial and legal experts said that the suit could likely transform itself into a public interest litigation against the shylocking mafia who are known to levy unreasonable interests and redemption charges imposed on vulnerable Kenyans in view of the now capped interest rates at 14% per annum.
The suit could also expose the underworld of extortion, blackmail, loan sharking, debt collection and auctioneer racketeering that has lately victimised millions of Kenyans.
… Have you been affected by logbook loans fraud? Let us know in the comments section below
