Exposed: Mogo Microfinance Accused of Overcharging Clients
The Kenyan subsidiary of the global financial technology firm, Eleving Group, known as Mogo Microfinance (Mogo Auto Limited), has found itself entangled in a significant financial fraud scandal. This entity, which deals with vehicle purchasing and provides access to financial solutions, has been accused of acting like a predatory lender similar to a shylock. Numerous complaints have emerged, suggesting that Mogo Microfinance is overcharging its clients for the loan facilities they have obtained. These claims have been the subject of investigations by local media.
The Competition Authority of Kenya (CAK) has received formal complaints and a barrage of grievances from Mogo Microfinance clients, all echoing similar concerns about exaggerated claims, overcharging, and demanding repayment of...