Mogo Microfinance Kenya over the years in Kenya have been rocked in fraud claims, overcharging clients with hidden charges, harassing defaulters with no remorse to the extent of colluding with thieves and car jackers stealing clients assets; motorbikes or even vehicles as they control trackers in them. Allegedly, these cases happen when customer nears completion of loan repayment. They then collude with rogue NTSA officials to change logbook details and number plate then resell to new clients.
These cases have been rampant that even escalated and Nairobi Governor Sakaja have had to intervene and requested the President also to intervene. Even the National Assembly, Senate and possibly the Vancouver based company in foreign land with dollars might have greased palms of the authorities to give a blind eye with little reforms to hoodwink the public.
Poverty has always been the enemy here, that poor Kenyans go for their loan deals but the journey to repaying the loans is always push and pull due to consistent change of charges outside contract agreement that you either comply without question or get your asset repossessed or quicker way for them- steal them through proxies allegedly, change logbook details as they always possess logbooks until full loan clearance like every other bank too.
Possible Tax Evasion
Kenya have had cases of foreign based investors evading hefty tax to maximize their profit, wire their funds to tax havens like the Cayman islands, UAE Dubai, Mauritius, Singapore or Switzerland.
They underquote earnings as many complain of hefty taxation in Kenya- I mean even very same Kenyans too are feeling the heat of overtaxation but Kenya is home and if you go to Rome, you do what the Romans do.
Mogo microfinance, if accounts and papers are thoroughly audited by the taxman, must be found culpable of tax evasion like Uk based fintech M-Kopa which has been found guilty of Ksh885million tax evasion by the KRA Tribunal.
Mogo microfinance must be thoroughly audited by the taxman. Might not be an easy task as they might be involved politically with deep state who might be shareholders in the Eleving group subsidiary.
Their roughness, rogueness can only be protected with powerful forces but poor Kenyans cannot continue to be subjected to loosing millions of shillings in tax evasion by foreign investors. Like a case of City Lawyer Elms Guy Spencer did before in horticulture industry sometimes back, helped the Dutch to evade tax in Kenya, he is a well know tax cheat Lawyer
Recently,
The Competition Authority of Kenya (CAK) has imposed a penalty of Sh10.9 million on asset financier Mogo Auto Ltd for allegedly making false and misleading representations and engaging in unethical conduct toward its customers.
New KRA must roll up its sleeves, M-Kopa has been dealt with, Mogo microfinance should be next.
KenyanHour 