Microfinance warning

The Association of Microfinance Institutions of Kenya released a statement refuting allegations that microfinance institutions are defrauding Kenyans.

They point out that a lot of loan sharks/shylock operators are pretending to be microfinance institutions and causing the confusion – and that that micro-finance loans average about 30,000 shillings, which is not enough to finance the car/matatu purchases that many Kenyans are signing on with these shady operators.