Stop Boda Boda Rip-off

It may be long overdue but, commendably, Parliament is finally looking into the suspect practices of some of the firms lending money to boda boda operators and others to acquire motorcycles.

This follows numerous complaints by the victims of shady motorcycle purchase loans. It is the height of exploitation.

The MPs were shocked by the horrifying tales about callous lending firms.

The National Assemblys Finance and National Planning Committee has now decided to summon five companies that sell motorcycles on credit.

The MPs were stunned to learn that a motorcycle can be sold at even Sh571,000.

The lenders often easily repossess motorcycles in a most cruel manner.

It is good that the parliamentary committee intends to question National Transport and Safety Authority (NTSA) and Insurance Regulatory Authority (IRA) officials on the repossession of motorcycles whose owners have just started repaying loans or are about to clear them.

They will want to hear from NTSA about how the logbooks change hands as IRA sheds light on insurance compensation.

There are claims of suspect thefts and repossession of motorcycles.

One owner lost a motorcycle after paying Sh178,000, half of the loan principal, but the lender demanded Sh121,000 for its replacement. Another paid Sh570,000 and has never been issued with a logbook for the motorcycle.

Kenya Boda Boda Association claims some of its members have been killed and their motorcycles stolen barely days to clearing their loans to take full possession of the machines.

Boda boda is a crucial public transport subsector that conveniently ferries passengers and goods, accessing even the most remote of locations, and employs many people, especially youth.

The government should protect small-scale investors such as boda boda operators so as to grow the economy.

The crooked firms should be identified and weeded out.