The Competition Authority of Kenya (CAK) has fined Mogo Auto Ksh 10.85 million for misleading customers who secured loans for various assets using the company.
According to the authority, the firm which provides financing options for options for used cars, logbook loans, Boda Boda, and Tuk Tuk loans for Kenyans engaged in false and misleading representation and unconscionable conduct against four customers who lodge a complaint against the firm in regards to terms of their loans.
“In addition to the aforementioned penalty, Mogo has been directed to refund three loan customers KES. 344,939, being the sum of excess amounts charged in repayment of their facilities, and the difference in the dollar exchange rate applied during issuance,” said CAK in a statement.
The post Mogo Auto fined Ksh 10.8M for misleading customers first appeared on KBC.
The post Mogo Auto fined Ksh 10.8M for misleading customers appeared first on KBC.