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Newsunplug Kenya > Blog > Metro > Kajiado: Unregulated Shylocks Wreak Havoc on Desperate Residents
Metro

Kajiado: Unregulated Shylocks Wreak Havoc on Desperate Residents

Ivy Irungu
Last updated: May 30, 2024 10:16 am
Ivy Irungu
1 year ago
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The emergence of unregulated lenders, commonly known as shylocks, in Rongai, Ngong, and Kiserian towns in Kajiado County is raising significant concerns among residents. These lenders target individuals facing financial difficulties and impose exorbitant interest rates, trapping borrowers in exploitative agreements.

Residents report that these shylocks charge interest rates as high as 30 percent per week, translating to 120 percent monthly or 1440 percent annually. In comparison, formal financial institutions such as Saccos and banks offer much lower interest rates, making the shylocks’ practices highly predatory.

Despite presenting themselves as convenient alternatives to traditional financial institutions burdened with lengthy procedures, these shylocks often deceive borrowers.

They exploit individuals in dire financial situations, luring them into agreements with harsh terms and severe consequences for default.

Victims of these shylocks share harrowing stories of losing valuable assets, such as cars, laptops, and even land, due to their inability to repay loans with exorbitant interest rates.

The lack of regulation in these areas allows shylocks to operate with impunity, preying on vulnerable borrowers who fail to scrutinize the terms and conditions carefully.

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The plight of those who have lost their homes, land, and other assets underscores the urgent need for protective measures against predatory lending practices. Borrowers are urged to exercise caution, explore alternative sources of financing, and unite against the exploitation perpetuated by these unscrupulous lenders.

Legal experts emphasize the importance of borrowers verifying the legitimacy of lenders and avoiding unregulated moneylenders. While the Kenyan Law of Contracts recognizes written agreements, it provides limited protection for individuals who fall victim to exploitative lending practices.

Overall, concerted efforts are needed to address the growing problem of unregulated lending in Kajiado County and protect vulnerable borrowers from exploitation by shylocks.

When they arrived at the scene, they were astonished to find a cooking pot filled with meat and some vegetables. At the scene, was a human skull and blood-stained clothes as well as the deceased’s gumboots. Police interrogated the suspect on his father’s whereabouts but he noted that he was also unaware as he was still searching for him. The rest of the missing body parts first spotted by the locals was found dumped in a sack and covered with stones inside Nithi River. One of the area residents who claimed that the suspect began digging the tunnel in 2017 stated that the suspect and his victim had an argument about the condition of the tunnel before he went missing. “The two had quarrelled after the man stopped his father from cutting the Napier grass around the tunnel,” Johnson Mutembei a resident told a local publication. The suspect is currently in custody pending arraignment in court to face murder charges. “We have arrested a man who is suspected to have killed his father, cooked part of the body and hidden some in a tunnel,” Muthambi Sub-County Police Commander stated.
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