Killed by Interest Rates

Muiruri Gachoka took a loan of kshs 6million from Bank of Baronda in 1979. In 2014, the bank was demanding Kshs200million from his estate (possibly he could not survive the demands and died). Having borrowed at 14% interest to begin with, the interest was raised to 45% without reference to him. The amount being demanded from him was thus 33 times the amounts he had borrowed. Such an amount is impossible to pay and he inevitably lost his several pieces of land and another property in Nairobi. Even after this, the bank still demanded Kshs 70million more.

Mr. Kenneth Matiba lost his Alliance Group of Hotels to Barclays bank. His Jadin Hotel had 60 acres of land and a 300metres beachfront according to Daily Nation of 8th. August 2016. It was sold for Kshs900 while his Hillcrest school was sold for Kshs620million. He was ruined for life.

Mr. John Kanya guaranteed his company for a loan of Kshs13.5million. By the time he argued his case of infuriated interest rates in court, the bank was demanding kshs 64.5million.

A Mr. Charles A Joroge was not lucky as well. His loan of Kshs30million ballooned to Kshs78.5million and his case is well documented in the quoted daily Nation. This is a story of only very small fraction of Kenyans who have suffered at the hand of banks let loose on Kenyans. Many have lost their homes while others have lost their business which had taken years to build.

During his presidential campaign in 2013, President Uhuru Kenyatta promised to bring down the interest rates. Now parliament has made his work easy by passing the motion on interest capping. He only needs to append his signature. Do it my dear president, do it today. It ought to have been done yesterday, but it is not too late. If you sign it today, you will have saved hundreds of Kenyans whose property is at the mercy of Banks greed.

I am making this desperate appeal on behalf of the oppressed Kenyans, please help me spread the same appeal to as many people as possible. Pass it to all your friends in the social and without the social media for maximum reach. You may not be a victim today but you never know tomorrow.

Author:Dennis Kisia