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 safely and remotely negotiate loan re-structure terms with their lenders.
Speaking at the product's launch, Mr. Sam Omukoko, Group Managing Director and Chief Executive Officer of Metropol Corporation, emphasized the importance of convenience for customers during the COVID-19 pandemic. He stated that the COVID-19 Loan Restructure Product enables borrowers in distress to reach out to their creditors for loan restructuring through their mobile phones.
Mr. Omukoko added that the product complements the benefits of Metropol CRB's digital platform, the Crystobol App, which provides access to credit at affordable rates.
Customers can access the COVID-19 loan restructure product by downloading the Metropol Crystobol App and registering. Once registered, they can select the loan they wish to restructure and submit their applications to their lenders.
The launch of the new product comes as part of various initiatives to cushion Kenyans from the effects of the virus. The Central Bank of Kenya (CBK) has implemented measures such as lowering the Cash Reserve Ratio (CRR) to unlock capital for banks to restructure loans of customers affected by COVID-19.
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.
