Women warned against doing business with shylocks

Women have been warned against seeking the services of shylocks that are out to defraud unsuspecting victims of their money.

Speaking during the launch of a Women’s Network mooted to empower women in Uriri Constituency on Tuesday, Reverend John Owila of the Oyani Apostolic Church advised women to keep off the cartels that he says have defrauded many residents of their properties.

Many of our mothers have fallen prey to the illegal money lenders, since they are more gullible, he said, while welcoming the support of trusted financiers to come to the aid of the local women by offering them soft credit facilities.

Owila, who was the chief guest at the function which also saw over Sh.700, 000 raised towards boosting the group’s account, warned that the shylocks roaming the area were dangling easy loans, thus attracting unsuspecting customers and end up fleecing them.

The shylocks were taking advantage of the gaps that have been brought about by devolution, saying unlike before when the national government used to arrest them, the devolved governments were leaving them unchecked, he added.

I have witnessed many families breaking up, due to the shylocks after partners got loans without the knowledge of the other and after failing to repay as agreed with the shylock, they found their property being auctioned, he explained.

The cleric advised residents to consider joining groups, so as to be in a better position to secure loans from accredited financial institutions, instead of going to shylocks for credit.

He also encouraged women to develop a culture of saving, adding that the church will look for ways to train members on basic financial literacy and money management.

Local ward administrator, John Omollo called on the women to join groups, so that they can benefit from Government funds, such as Uwezo and women enterprise funds among others, so as to be able to access loans to empower themselves.

At the same time, he asked women to register companies so as to be able to benefit from county tenders, as promised by the government.

Source: Kenya News Agency