Nairobi — Manyatta Member of Parliament (MP) Gitonga Mukunji has warned non-banking financial institutions that sell motorcycles to boda boda operators on hire purchase agreement against defrauding boda boda operators in Embu County.
The Lawmaker who spoke during Mashujaa Day Celebrations at Kairuri grounds Manyatta Constituency where Embu East Sub County fete was held , said that the non-banking financial institutions that sell motorcycles on hire purchase have been defrauding boda boda operators by imposing exaggerated prices.
Mukunji noted that many of these financial institutions normally confiscate the motorcycles once a boda boda operator fails to make the agreed daily remittances.
He further added that he has encountered many youths who are boda boda operators stranded and pleading for his help after failing to make their daily remittances to these non-banking financial institutions that sell the motorcycles on hire purchase.
“Its so unfortunate that many times I encounter youths who are boda boda operators stranded and pleading for my help after failing to remit the agreed remittances to these rogue non-banking financial institutions that sell motorcycles on hire purchase,” said the Mukunji.
The vocal Manyatta MP added that the institutions always double the prices of the motorcycles to indicate that once one finishes paying, he realizes that the price was double the buying price.
“We know the price of a motorcycle is normally Sh.150,000 but by the time a boda boda operator finishes paying for his motorcycle, he finds out that he paid Sh. 300,000 which is double the buying price,” he said.
He called out these financial institutions selling motorcycles on hire purchase to be accommodating and understanding to the pleas of boda boda operators considering that there is a lot of hunger and drought and that many boda boda operators are struggling to manage.
Mukunji also urged the institutions to consider the rise in high cost of living that the boda boda operators are living in.
The MP said that he will introduce a motion in Parliament to review the legality, existence and operations of these non-banking financial institutions that sell motorcycles at hire purchase.
The lawmaker urged the youths to be the liberators of Kenya’s economy by engaging in agricultural activities. – Kna