Former Kiambu Governor William Kabogo has shared his concerns over how banks handle poor Kenyans. Kabogo raised an issue with how banks overcharge Kenyans on the loans they give them.
Speaking during an interview on The Wicked Edition show last week, Kabogo criticised the move by banks to take people's expensive property over failure to repay their loans, only to sell them at a loss through auctioneers.
"Let us go to baking because it is very important. I said Kenyans are suffering because they borrow money from banks. You borrow Sh100, 000, you have already repaid them Sh180,000 but still, they say you owe them another Sh200,000," said Kabogo.
"They then take your property and dump it to auctioneers. Your property overstays there, some of it is stolen, they sell the rest at a loss, for instance, Sh20,000, and then come for other things from your home," he added.
The flamboyant politician further argued that there is a need for banks to renegotiate terms with clients, considering there is a law in place which puts it clear that no one should pay more than what they borrowed.
"There is an Addendum Law we passed in Parliament, you cannot pay a loan more than you borrowed. Why don't you tell the banks to renegotiate with these people? Add them more money, and let them engage in business so that they can repay the current loan and the previous ones at the same time," he said.
"If the country can make laws to safeguard the young men and women of this nation, people will become serious entrepreneurs," he added.
Kabogo said it was a shame that banks in the country are not pushed enough to serve Kenyans effectively.