The MPs had summoned Asset Financing entities Watu Credit Ltd, MOGO Credit Ltd, and M-Kopa Credit to appear before it in relation to the allegation of exploitative lending practices to the Boda Boda operators in the country. The engagement is part of an ongoing inquiry being conducted by the Finance and National Planning Committee on the credit lenders. Appearing before the Committee, the credit providers were put to task to explain under which regulations they have operating. Watu Credit Chief Executive Officer, Andris Kaneps and the Country Manager, Eric Massawe revealed that the facility does not have a regulatory framework governing their relationship with their clients. But in its defence, Watu Credit told the House team their interest rate is determined by a number of factors, including risks involved.

Source: Daily Nation May 20, 2024 00:55 UTC