You can now negotiate with lenders to allow for loan restructuring with the metropol loan app.
Borrowers with active non-performing loans should liaise with their financial institutions to restructure their loans to avoid being listed at the Credit Reference Bureaus after the six-month grace period offered by the government lapses in September this year.
Metropol Group Managing Director Sam Omukoko says despite this directive, borrowers’ profiles are still active and there is need for updates to harmonise the credit information systems.
About 16 million borrowers with active loans are being encouraged to update their Credit Reference Bureau profiles by restructuring their loans to accommodate the six-month loan repayment amnesty.
Metropol Group Managing Director Sam Omukoko says the directive halting listing of loan defaulters by Credit Reference Bureaus due to the slowdown of the economy occasioned by COVID-19 has broken down the credit sharing information and might affect the financial sector if no proper records are put in place.
Since March this year when Kenya confirmed the first Coronavirus case, lending has declined by 25 percent, due to uncertainties over borrowers’ ability to service loans.
Credit Reference Bureaus are eying more collaboration with fin techs to come up with innovative ways to combat identity.
Credit Reference Bureaus have listed about 3.2 million borrowers in Kenya.