Parliament Goes After Lenders Over Alleged Exploitation of Some Borrowers

The move comes amid complaints that borrowers often pay more in repayments exceeding the required principal amount...

✨ Key Highlights

Kenyan Members of Parliament (MPs) have launched an investigation into alleged exploitation of boda boda riders by lenders, following a petition detailing excessive interest rates and unfair practices.

The National Assembly is probing claims that riders are paying more than the value of their motorcycles without acquiring ownership.
The Kenya Boda Boda Riders and Owners Association presented the petition, highlighting issues such as motorcycle repossession and financial hardship.
NA Speaker Moses Wetangula directed the Public Petitions Committee to verify lender licensing by the Central Bank of Kenya and ensure regulatory compliance.

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