Jijenge Thumbs Up Finqnce Committee For Questioning Lending Entities Over Exploitative Tendencies

The Managing Director of KENYA’S leading Credit only Microfinance Jijenge Credit Limited Peter Macharia Kamau has expressed confidence in the work of the Parliamentary Committee on Finance that has questioned two lending companies over allegations of exploitative tendencies leveled against them by boda boda operators.

The scrutiny is part of an ongoing inquiry targeting several lending entities, following a request for a Statement on the matter, sought by Kigumo MP, Hon. Joseph Munyoro in March this year on the floor of the House.
Peter Macharia Kamau noted,

“The parliamentary committee is doing an excellent job of seeking an explanation from the lenders and regulatory agencies. This will help professionalize the BodaBoda sector.

From where I sit the explanation offered by Progressive Credit Ltd team is quite excellent and they operate professionally.

The cases of theft and total disappearance of assets happen in cars too but the incidents are extremely higher in motor bikes because it’s easy to totally dismantle the bike and put it in a small suitcase for ease of transportation.

This calls for a setup of a Motorbike theft unit the same way there is a motor vehicle unit at DCI to help curb the high crime rate of motorbikes.
Interest rates are currently risk based which means that the higher the client risk profile, the higher their lending interest rate or insurance premium rate.

Its also based on a commercial contract.
The BodoBoda industry is quite important in our society and it calls for a concerted effort of all private and public agencies involved including the county governments to help regulate it so that they can thrive in a formal, low risk, controlled and organized environment.

This will encourage more lenders to venture into it and help reduce their interest rates due to competition and professionalism.

Post Author