This archive report was first published on 25 June 2020.
On June 25, 2020, Metropol CRB, a credit information agency, launched a mobile platform to help Kenyans seeking new loans or restructure old ones.
The Covid-19 loan restructuring product enables Kenyans to safely and remotely negotiate loan re-structurement terms with lenders.
According to Sam Omukoko, Group Managing Director of Metropol CRB, the product gives customers verifiable credit information that lenders need to determine terms on existing loans.
"Our service available on our digital platform (Crystobol App) gives borrowers in distress a document they can use to reach out to their creditors for loan restructuring through mobile phones," said Mr. Omukoko.
Customers who download the Metropol Crystobol App will access the Covid-19 loan restructure product, which displays a customer's outstanding loans. They can then select the loan to restructure and suggest preferred terms, which are submitted to their lenders.
Metropol CRB 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.
