Joseph Mwiti Kithinji is selling a kidney to pay-off a loan of Kshs 330,000 that he owes Equity Bank. This is even after the bank auctioned his only cow to recover part of the money .
The 32 year old took a loan of Kshs 280,000 in 2012 and invested it in tea farming. However, tea prices fell drastically in that year and he could not repay the loan in the subsequent years due to poor yields. Interests accrued from the loan pushed the repayable amount to kshs 330,000. His only cow was offered as security for the loan.
In November this year, Equity Bank auctioned his cow for slightly more than kshs 50,000. With a long way to go to clear his balance and the bank threatening to come for more, including his house, Joseph decided to sell a kidney and went ahead to put up an advertisement. Although the date on the advertisement, cum letter of intent, erroneously reads 30th December, it was penned on 30th November.
The 32 year old took a loan of Kshs 280,000 in 2012 and invested it in tea farming. However, tea prices fell drastically in that year and he could not repay the loan in the subsequent years due to poor yields. Interests accrued from the loan pushed the repayable amount to kshs 330,000. His only cow was offered as security for the loan.
In November this year, Equity Bank auctioned his cow for slightly more than kshs 50,000. With a long way to go to clear his balance and the bank threatening to come for more, including his house, Joseph decided to sell a kidney and went ahead to put up an advertisement. Although the date on the advertisement, cum letter of intent, erroneously reads 30th December, it was penned on 30th November.
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