The Court has declared MOGO's loan of KSh 400,000, which ballooned to KSh 976,750, illegal.
The borrower had taken a loan of KSh 400,000 and had already repaid KSh 299,369. However, MOGO claimed he still owed KSh 677,381 and demanded a total repayment of KSh 976,750 to redeem the loan.
The Small Claims Court found that MOGO's effective interest rate of about 86.4%, together with additional charges, was exploitative and oppressive. The Court also held that MOGO failed to prove the penalties, monitoring fees, insurance fees and other amounts it claimed because it could not justify how those figures were calculated.
Applying the in duplum rule, the Court ruled that interest cannot exceed the principal amount advanced. It rejected MOGO's inflated claim and entered judgment for only KSh 100,631, the outstanding balance after deducting the borrower's repayment plus court-rate interest and costs.
For the past four weeks, Antony Ng’ang’a has been boarding a matatu before dawn and travelling nearly 200 km to the DCI headquarters in search of answers about his daughter. Four-year-old Mary Njeri went missing on June 11, while playing with her friends outside their home in Pipeline Estate in Nakuru County and has never been seen again.
Last week, a man believed to be the prime suspect in Njeri’s disappearance contacted him and demanded a ransom for the child’s release.
Read more: https://t.co/yH8mcuY0UY
@moneyacademyKE A country that allows importation of Euro 4,3 and even 2 motor vehicles, adjust fuel quality standards downwards now wants to test co2 emissions? Maajabu!!
Long post alert!
What's life?
Imagine growing up in an orphanage and finding one person who becomes your brother.
After leaving the orphanage, you both try to build a life together. One of you gets a sponsor for college, while the other works whatever jobs he can to survive
Genuinely never heard of anyone not posting on WhatsApp because they are trying to aura farm. Just post in peace, man. You are an adult. You don't need consensus.