Eldoret:Unrest as Ushindi Bora microfinance fails to process traders savings!
-An Investigation conducted by the Hubzmedia revealed some of the business people who had saved with the micro-finance are unable to withdraw their savings.
The Ushindi Bora Eldoret branch based at the Main Stage Eldoret, Komora Building – 2nd Flr
A section of business people in Eldoret have expressed fear of losing their hard earned savings with a micro-credit solutions provider that is currently unable to process their monies.
The Ushindi Bora Microfinance that operates in Nairobi and other major towns in Kenya targets low-income earners to middle class households .
Ushindi Bora Micro- finance Eldoret Branch, is currently facing financial crunches as a result of repayment defaults .
An Investigation conducted by the Hubzmedia revealed some of the business people who had saved with the micro-finance are unable to withdraw their savings.
“I started saving with the microfinance in 2023 However early this year I tried to withdraw my savings only to be informed that I had to wait for a month to get back my savings, it’s been over one month now and I can’t still access my savings,” Said an Eldoret based business woman and a client to the micro finance institution.
Another Business lady claims she had to wait for over two months to access her savings of less than Sh2,000 with the micro finance,
“It has not been easy I was operating a kibanda business , I thought saving with the micro finance that claims to support credit solutions to low-income earners like myself could help, I was humiliated by the staff of the microfinance who dismissed me of nagging them despite my meager savings ,the company has poor customer service and am afraid many customers could lose their money” Noted another young business woman.
The management of the Ushindi Bora Microfinance, Eldoret branch admitted to Hubzmedia that the company was experiencing challenges in debt collection,
“Yes we have had delays in processing and disbursing clients savings ,many of our clients who the institution has credited are unable to service their loans on time, we fear if we engaged auctioneers we would incur more losses” Said one of the employees.
Challenges facing Microfinance institutions in Kenya are funding, repayment default , government regulations and Low profits that have led to the collapse of some of the Institutions.
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