Kiambu Sub-County residents have been advised to be wary of rogue microfinance firms posing as credible financial institutions.
Speaking in Kiambu Town on Wednesday, Kiambu Sub-County cooperative commissioner Ephraim Mathenge asked residents most of whom are small-scale farmers and traders to be cautious of where they invest their hard-earned cash.
"Do not accept to be conned by fake finance institutions that come promising you high returns on your investments. High interest rate on your deposits is the bait they have been using to attract many gullible Kenyans,” said Mathenge.
Mathenge advised people with common interests like farmers and businessmen to consider forming and registering their own cooperative societies.
"Cooperative societies that you own yourselves will never run away with your money. Members will make deposits and acquire light loans without difficulties,” said Mathenge.