The Departmental Committee on Finance and National Planning has agreed to investigate the operations of unscrupulous asset-financing businesses following complaints from boda boda riders.
During public hearings investigating suspected exploitative lending practices by operators around the country through asset financing entities under the model, committee members made the promise.
The Committee heard that despite the hundreds of stolen motorcycles being insured by the lenders themselves and installed with a tracking device, they had not been reimbursed, nor had the tracking system led to their discoveries.
Some of the riders also stated that their colleagues died shortly after completing their loan payments, under extremely mysterious circumstances.
Others informed the Committee that they had received threats from the rogue corporations after appearing in the media during an earlier meeting with the Committee on the subject.
Led by Chairperson Kuria Kimani, the Members informed the over 50 operators who had come forward to give their witness testimony that the Committee will stop at nothing to put an end to the continued exploitation that has caused them unspeakable agony.
“We are paid to work for you. We have invited you here because we believe this engagement will offer you reprieve from the agony you have been made to go through.
“We are therefore committed to this cause and we shall make strong recommendations in our report which will end up on the floor of the House for consideration,” Kimani stated.
Other Committee Members mirrored his thoughts, expressing worry that such exploitation continued unabated.
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