By Karanja Njoroge
Anxiety has gripped more than 10,000 shareholders of a Nakuru based micro-finance institution following a fall out with one of its foreign partners.
Last week, a foreign NGO placed an advertisement in one of the local dailies asking the borrowers not to deposit their loan repayment with Ebony Enterprises Capital Limited.
But the management of Ebony has denied that there is a crisis following the advert by MYC4, an NGO based in Copenhagen, Denmark.
The dispute between the two has led to anxiety from hundreds of local businesses that access credit through the two organisations.
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MYC4 is an online market place that facilitates loans to small and medium scale traders through locally based micro-finance institutions.
The NGO said it had obtained court orders to freeze certain bank accounts held by Ebony over alleged financial irregularities.
The organisation says following the move the micro-finance has instead directed its customers to deposit their loan repayments in a new account.
However, Ebony CEO Maina Kagwe said contrary to reports that the organisation has not changed its bank accounts details.
"We wish to assure all our clients that there is no crisis within the company and that they should continue with their businesses as usual," he said.
