Senators demand Watu Credit Probed over disappearing motorbikes.
Senators demand Watu Credit Probed over what is termed as rampant disappearing of motorbikes immediately after loan repayment.
The senators opined that a committee should be formed through the Inspector General of police, Japheth Koome, which will help shed light on this matter of motorbikes from Watu credit.
The legislators, questioned on why the motorbikes are only stolen when customers are about to clear their loan repayment installments.
Nandi senator Samson Cherargei stated,”I have more than 300 people willing to testify on this issue, I don’t think this committee will do justice investigating the claims given the short time available, I propose that we form a committee of inquiry to look into this matter,”
“The Central Bank of Kenya cannot place Watu credit anywhere. It’s just a mongrel; they are not digital lenders, they are not asset financing, who are they? Are they shylocks?”he posed.
However, according to Watu Credit CEO Andris Kaneps, the allegations against his firm are absurd and he stood his stance saying that their only objective is to help People struggling to raise funds, to purchase motorbikes.
Andris stated,”Motorcycle theft is a rampant problem countrywide and considering that 60-70% of the bicycles are financed by Watu credit any increase in bicycle theft will affect our company and the customers,”
The CEO was further questioned on the procedure they use when the creditor is repossessing a motorcycle.
Marsabit senator posed,” I am here because I have these experience in Marsabit County, where motorbikes were repossessed by the police and sold by the police after one day, what is the procedure when you are repossessing, can someone appeal?”
The CEO stated that until they make a decision to repossess a motorbike, enough time for loan repayment is given to its customers.
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