This archive report was first published on 18 June 2020.
As the COVID-19 pandemic continues to affect borrowers' ability to repay loans, commercial banks have restructured loans worth more than Sh360 billion, according to the government.
Of this amount, Sh190 billion were personal loans, as revealed by Treasury Cabinet Secretary Ukur Yatani during the unveiling of the 2020/21 budget.
Metropol Corporation Limited has developed a loan restructure product to enable Kenyans to safely and remotely negotiate loan re-structure terms with their lenders.
According to Sam Omukoko, Group Managing Director and Chief Executive Officer of Metropol Corporation, the product allows customers to engage conveniently with their financial institutions to get the best restructure terms on existing loans.
"We understand the need to offer convenience to customers especially at this time when the government has effected restrictions on movement to prevent the spread of COVID-19. This is why we developed the product to enable borrowers in distress to reach out to their creditors for loan restructuring through their mobile phones," said Mr. Omukoko.
To access the COVID-19 loan restructure product, customers need to download the Metropol Crystobol App and register. They can then select the loan they wish to restructure and submit their applications to their lenders.
