For years, Kenyans have longed for simple and accessible investment tools. The HISA app came in with big promises: invest in U.S. stocks, earn interest on your savings, and enjoy the freedom of financial growth from your phone.
The app claimed every shilling you saved would earn returns. But behind the slick marketing and sleek interface, something dark has been brewing.
Today, hundreds of HISA users are locked out of their funds, unable to withdraw even small amounts. Transactions are marked as “successful” but never reflect on their mobile money accounts. This is not a bug. This is theft.
HISA Is Robbing Kenyans in Broad Daylight While Authorities Sleep
HISA’s business model seemed simple on paper. You deposit money to your wallet, buy stocks, and either let them grow or sell when you’re ready to cash out. The app promised you could withdraw your money easily. That was the bait.
Now comes the switch. Hundreds of investors have reported that once they sell their stocks, the money does not return to their wallets. Even when it appears to, attempts to withdraw to M-Pesa are blocked.
The app marks the withdrawal as “complete,” but users receive nothing. When they contact customer service, they are fed empty promises: “Please wait 24 hours.” But the hours turn into days. Then weeks. For many, the money is simply gone.
The lies don’t stop there. HISA also claimed users could open savings accounts that earn interest over time. But there’s no evidence anyone has ever received those interests.
Instead, investors are watching their balances freeze and disappear while the platform continues onboarding new users—possibly to cover older debts in what now resembles a Ponzi scheme. This isn’t a one-off error. This is a coordinated pattern of deceit.
HISA Has No Oversight or Transparency
Just like CBEX, the now-defunct scam platform that tricked thousands into believing in fake AI-based forex trading, HISA is operating in a legal gray area. There are no clear links to any central bank or financial oversight body. No insurance on your funds. No way to recover losses when the platform fails.
CBEX lured investors with flashy ads and false promises of 30% returns. It used Telegram and WhatsApp to hype its fake success stories. Then, overnight, users found their accounts drained. Some lost thousands of dollars—money meant for school fees, rent, and hospital bills.
And when they demanded answers, CBEX blamed hackers. Then, in a cruel twist, asked users to pay a fee just to “verify” their accounts and be eligible for refunds. It was extortion. HISA may be following the same playbook. There are now disturbing similarities:
- Locked Funds: Users cannot access their money after selling stocks.
- False Promises: HISA keeps promising that withdrawals will reflect “soon,” but most never do.
- No Regulation: Just like CBEX, HISA is not regulated by the Central Bank of Kenya.
- No Accountability: No clear CEO or representative is taking responsibility. Their social media is silent. Their emails go unanswered.
What does that tell you?
HISA Is Playing With Billions in Investor Funds
This isn’t about a few users having technical issues. This is about the possibility that billions of shillings have been funneled into a system that may not be able—or willing—to return it.
Investors trusted HISA with their savings. Now, those same investors are being ignored or lied to. This is not bad customer service. This is financial fraud.
And this is happening at a time when most Kenyans are struggling to keep up with the high cost of living. People are looking for better ways to save and invest. HISA offered that hope. And then ripped it away.
Authorities must investigate HISA immediately. There needs to be an audit of their accounts, a freeze on further onboarding, and a full refund of investor funds. If not, this could become one of Kenya’s biggest fintech scandals yet.
Just like CBEX, the warning signs are all here. We cannot afford to look away again.
