Kenyans on Twitter call for low interest rates on M-Shwari loans
The Commercial Bank of Africa (CBA) on Tuesday became a trending topic on Twitter as users ganged up to push for low interest rates on their mobile loan service M-Shwari.
Using the hashtag, #CutMshwariInterestRate, users expressed their concerns of what they termed as high interest rates on M-Shwari loans that are making customers to be listed on the Credit Reference Bureau (CRB).
The bank had on Monday said it will not reduce the facilitation fee it charges on M-Shwari loans as demanded by the Consumers Federation of Kenya (Cofek).
The bank said the fee is not interest and is therefore unaffected by the Banking Amendment Act 2016.
The consumer lobby group had given the bank 48 hours to reduce the rates and comply with the new law.
Kenyans on Twitter descended on the bank throughout Tuesday morning as the expiry of the ultimatum issued by Cofek approached.
https://twitter.com/ConsumersKenya/status/778182615627071489
ha haa haaaa utajiju
— daudi kuura (@daudikuura) September 20, 2016
Yes Yes,, you dominated the market and we submitted loyally, Now it's time to give back, kurudisha mkono ??#CutMshwariInterestRate
— dunia duara (@whitemeatsaga) September 20, 2016
#CutMshwariInterestRate mnasema hio nakumbuka loan yangu ya 150 iko na arrears za na Niko na penalty ya 143
— The Mt.Kenya East Pundit (@MasterKago1) September 20, 2016
When you take a loan, the obligation is that you will pay back on the terms agreed. Kukopa harusi, kulipa matanga. #CutMshwariInterestRate
— Tai (@TonwaTai) September 20, 2016
Dear customer your mshwari deposit will earn interest of 7.35%p.a being 70% ofCbr facility fees remain UNCHANGED?? #CutMshwariInterestRate
— Kingman (@Simply_Cyrus) September 20, 2016
I have been blacklisted in CRB by mshwari I will not pay…… #CutMshwariInterestRate
— ALFRED KITUR (@kitur_kipngeno) September 20, 2016
#CutMshwariInterestRate I am due 2 be listed with CRB next week. 2 much interest, overwhelmed
— Broadcast Storm (@FinallyMmbaya) September 20, 2016
The interest rate is ridiculous. The whole point of mshwari is to help develop oneself but with the rates? #CutMshwariInterestRate
— MUNJURI © (@ChrisMunjuri) September 20, 2016
Mshwari pretends to be assisting Kenyan while in the real sense it is exploiting them. It's a hyena in sheep's skin. #CutMshwariInterestRate
— George Waitiki (@GeorgeWaitiki) September 20, 2016
