Due to hard economic times, millions of Kenyans have resorted to taking mobile loans that are freely available via mobile apps. There are at least 1,200 mobile loan apps, the majority of which are owned by the Chinese with Kenyans working in menial positions.
Capitalizing on the desperation of Kenyans, these mobile loan apps have become brutal in charging Kenyans exorbitant interest rates, with some charging up to 60% interest per month. Some like Zuri Cash charge to the tune of a 36% interest rate per week with a daily accumulation.
Zuri Cash is owned by a company called Whitepath which also owns Instacash. The story of Instacash was exposed by NTV (Kenya) where the company harasses those who take loans so much that some of them contemplate suicide. They would send hundreds of messages and calls within the shortest time possible even before the loan matures.
Zuri Cash and Instacash are the same, run and managed by the same brutal people. Zuri Cash will start harassing borrowers 48 hours before the loan is due. They will send threatening messages. For instance, one can get 50 messages from 50 different numbers within a minute threatening him. Remember the loan is not due.
They will then put someone on an autodial. That is, the phone keeps on receiving calls from over 100 different numbers within the shortest time possible. The calls are made even in the middle of the night to harass a borrower who has not defaulted. Now imagine if someone defaults.
Here is where it gets worse. Zuri Cash will access the borrower’s contacts and form a WhatsApp group, add all the contacts and shame the borrower. They will go as far as generating AI images that are nude and compromising situation and send them to the contacts. Kenyans are going through hell in the hands of these fools.
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