Friday, January 30,
2026 - Nairobi County Government’s Chief Officer for Citizen Engagement and
Customer Care, Geoffrey Mosiria, has strongly condemned lending
institutions that mislead clients and trap them in debt with unfair terms.
In a statement posted on his Facebook account, Mosiria noted
that many hardworking Kenyans have been ruined by such companies.
He warned that loans with ambiguous interest rates and
hidden charges only fuel poverty.
“Kuna loan zinamaliza watu hapa inje, zinaleta umaskini!”
(There are loans that reduce people to nothing and bring poverty), Mosiria
stated.
He urged loan companies to stop exploiting clients.
“To lending institutions: please stop misleading your
clients and overcharging them through ambiguous interest rates,” he said.
According to Mosiria, these practices have pushed many into
financial distress, with some sinking into depression.
He highlighted complaints from boda boda
riders and taxi drivers, who often end up paying
more than triple the original loan amount.
“Mtu anachukua loan, mnamuharakisha kila siku analipa.
Boda boda ya 170 thousand mtu analipia 600 thousand. Gari ya 600 thousand mtu
analipa 2 million au hata 3 million,” he lamented.
Loosely translated: “People acquire motorbikes costing Ksh 170,000
but end up paying Ksh 600,000. Others who acquire cars on loan at Ksh 600,000
end up paying as high as Ksh 2 or 3 million.”
Mosiria further claimed that rogue lenders sometimes collude
with criminals to repossess assets once payments are completed.
“Wengine wakimaliza kulipa gari ama bodaboda ile tracker
wale watu wanatumana vijana wanaiba zinaenda,” he noted.
He appealed to Government regulators to safeguard Kenyans by
enforcing fairness, transparency and responsibility in the financial sector.
Mosiria also criticized shylocks and phone financing companies
for exploiting clients with “unfair and inhumane terms.”
The Kenyan DAILY POST
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