This archive report was first published on 19 June 2020.
On June 19, 2020, Metropol Corporation Limited introduced a groundbreaking COVID-19 Loan Restructure Product to help Kenyans negotiate loan restructure terms with their lenders remotely.
The product, launched by Group Managing Director and Chief Executive Officer Sam Omukoko, allows customers to engage safely and conveniently with their financial institutions to secure the best restructure terms on existing loans.
"At Metropol CRB, we understand the need to offer convenience to customers, especially during the COVID-19 pandemic. This is why we developed the COVID-19 Loan Restructure Product to enable borrowers in distress to reach out to their creditors for loan restructuring through their mobile phones," said Omukoko.
The COVID-19 Loan Restructure Product complements Metropol CRB's digital platform, which provides borrowers with access to credit at affordable rates. To access the product, customers need to download the Metropol Crystobol App, register, and select the loan they wish to restructure along with their preferred terms.
Metropol Corporation has also launched the Metropol Identity Theft Service (MITS), a premium Short Messaging Service (SMS) that alerts subscribers when their identity is used to access credit from lenders. MITS offers three types of alerts: Credit Application Alert, Credit Inquiry Alert, and Metro Score Alert.
These initiatives come against the backdrop of government and private sector efforts to cushion Kenyans from the effects of the pandemic. The Central Bank of Kenya (CBK) has implemented measures such as lowering the Cash Reserve Ratio and delisting default records with balances of KSh. 1,000 and below.
