04
Oct
The Competition Authority of Kenya (CAK) has ordered asset financier Mogo to pay a penalty of Ksh.10.9 million for engaging in false and misleading representation and engaging in unconscionable conduct against its customers. Investigations into Mogo's practices were initiated following complaints submitted to the Authority by four customers between May 6, 2023, and April 11, 2024. The company, which specializes in car financing and logbook loans, has also been ordered to refund three loan customers a total of Ksh.344,939. This amount reflects the excess charges they incurred during repayment, as well as discrepancies in the dollar exchange rate applied at…