MOGO Capital, an asset financing company notorious for its exploitative lending practices, is once again in the limelight for all the wrong reasons.
Operating in Kenya, MOGO has built a reputation akin to a modern-day “Shylock,” ensnaring vulnerable borrowers in complex debt traps laced with hidden fees and unfair terms.
Despite previous customer complaints, the company shows no signs of reform.
Mogo Capital logo. Photo: Mogo.co.ke
MOGO’s disregard for ethical lending standards has created a storm of backlash, with borrowers accusing the company of harsh penalties and aggressive loan collection tactics.
In one particularly heartbreaking case, a woman lost her vehicle—her only source of income—after falling behind on payments due to personal hardships.
Medical emergencies and the death of a family member derailed her financial stability, making it impossible to keep up with loan obligations. Despite a history of timely repayments, MOGO offered no leniency.
Instead, the company imposed severe penalties, eventually seizing and auctioning off her car.
Mogo branch that offers electric bodaboda. Photo: Citizen TV Kenya Source: Facebook
This incident reflects MOGO’s alarming pattern of preying on struggling borrowers and highlights a troubling lack of regulatory oversight.
“MOGO Capital behaves like a den of sophisticated Shylocks,” one victim warned, advising car owners to avoid securing loans against their logbooks.
Critics argue that MOGO’s system is rigged to ensure borrowers default, only for the company to repossess vehicles and resell them, perpetuating a cycle of financial suffering.
The company’s questionable relationship with authorities, including alleged police collusion, further deepens public mistrust.
With growing calls for action, many believe the time has come for government intervention.
“The relevant authorities must clamp down on MOGO Capital to protect Kenyans from losing their hard-earned cash and property,” said a concerned borrower.
Unless checked, MOGO’s predatory lending methods will continue to devastate hardworking Kenyans, turning financial dreams into nightmares.
