Mogo Kenya and Platinum Credit continue to face criticism from Kenyans who feel trapped in endless debt due to their lending tactics.
These two companies have been accused of exploiting desperate borrowers through hidden fees, high interest rates, and unfair contract terms.
It’s becoming clear that these companies are not offering financial help, but rather creating financial prisons for their customers. The case of Caroline Nderitu, although not fully in public records, is believed to be just one example of how badly Mogo Kenya treats its clients.
Her situation adds to a growing list of complaints, many from people who say their lives were made worse after dealing with these firms.
Platinum Credit has also been mentioned in shocking cases, like a borrower whose loan shot up from KES 190,000 to KES 700,000.
Caroline Nderitu. Photo courtesy | Facebook
How does a loan more than triple within a short period?
These practices show that Platinum Credit is not concerned about helping Kenyans grow financially but is focused on squeezing every coin from them. On top of that, Watu Credit has been linked to even more devastating outcomes. Several Boda Boda riders, who took loans to buy motorbikes, have reportedly lost their lives due to stress from impossible repayments. These are real lives being affected. It’s no longer just about bad business—it’s about life and death.
Regulators like the Competition Authority of Kenya have tried to act, fining Mogo KES 10.8 million and demanding refunds to a few customers. But that’s just a drop in the ocean. The damage these companies have caused goes far beyond fines.
They have pushed hardworking Kenyans into a corner, where they either default and lose everything or work themselves into the ground trying to repay loans with shifting terms.
Platinum Credit and Mogo Kenya are not alone. Other lenders like Mwananchi Credit have also been mentioned, with people suspecting similar shady dealings. Yet proper punishment and control are still lacking.
Kenyans are getting tired of watching these companies destroy lives while hiding behind polished websites and empty promises. It’s time to stop them. If people like Caroline Nderitu speak up, they can lead a movement that will expose these organizations for what they truly are.
