Lipa Later, a financial payments company has been exposed engaging in fraudulent activities.
The company whose service offering is to enable clients to ‘purchase’ goods and pay later has partnered with many notable brands and firms in Kenya.
Here is the anonymous tip from a staff working at Lipa Later.
I want to expose one of the financial institutions called Lipa Later. I had been working there for 6 months but I had to quit since I was the one they had put on to do their dirty jobs.
One of the biggest scams they have is insurance. They charge 5% on all their loans to cover for theft but they never remit these premiums to the insurance company. So when a client submits their claim, they are told that the insurance company dismissed the claim.
A client is then made to clear their loans without the item. Failure to do so leads them being listed on CRB (I have a few clients willing to testify to this). The other product they have is a credit card. A client usually pays 1,000 joining fee to get the card.
Since late November last year, there are clients who have paid for this fee but they haven’t received their cards yet. And those that have received them, they haven’t been activated yet.
They keep being lied to that the systems are down. These guys are also not paying their suppliers. They give PD cheques which end up bouncing. (I also have suppliers who can attest to this).
Finally, these guys are delaying pay for their sales agents and firing some even without notice. Some of those who have been fired haven’t gotten their pay over a month after.
[CNYAKUNDI.COM says, ‘with a broken financial system and a lameduck Central Bank of Kenya, emboldening scammers everywhere, people resort to bloggers to help expose the rot in financial institutions. One day, justice will be done’]
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