Together As One Microfinance Resolves Loan Dispute with Client
Together As One Microfinance has announced steps toward resolving a financial dispute with their client, Lucy Muthoni Kamuigua, involving loans totaling Ksh 2.6 million. Initially reported to Kayole Police Station for criminal prosecution, the case was later classified as a civil matter following a recommendation by the Director of Public Prosecutions (DPP).
The loans, taken in amounts of Ksh 800,000, Ksh 1 million, and Ksh 100,000, have accrued interest, bringing the total owed to Ksh 2.6 million. To date, Lucy Muthoni has repaid only Ksh 20,000, leaving an outstanding balance of Ksh 2.58 million.
In a goodwill gesture, Together As One Microfinance has committed Ksh 1 million to help reclaim a property that had been sold to a third party for Ksh 3.5 million. Lucy Muthoni is required to pay the remaining Ksh 2.58 million to facilitate the return of the property. To ease the process, the institution has waived penalties and litigation fees.
The property in question, located in the Obama Slums, generates Ksh 35,000 in monthly rent but lacks a title deed, complicating its sale despite possessing a certificate of occupancy. A professional mediator has been engaged to expedite a fair and amicable resolution.
Together As One Microfinance reaffirmed its commitment to integrity and responsiveness, aiming to conclude the matter in a way that benefits all parties involved.