Finance Committee summons 3 lenders over bodaboda exploitation allegations

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Watu Credit has defended itself against allegations of
exploitative lending practices to the bodaboda operators in the country.

While appearing before the Finance and National Planning
Committee, Watu Credit officials said the company has adopted consumer protection
measures by ensuring transparency when dealing with its clients.

The Committee sought to probe the asset financing company and
three other firms on the interest rates they charge boda boda riders in
acquiring motorcycle.

Late last year, the Senate Trade and Industrialisation
Committee began investigations over complaints of exploitation and suspicious
loss of motorbikes sold to boda boda operators by the credit company.

“We are very pragmatic and our pricing approach is diversified. We look at
several factors to make this product more viable,”¬†Erick Massawe, Watu Credit Country Manager, said.¬†

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