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Okolea mobile lending platform has announced good news to their customers in order to help them cope with the tough times of Covid-19 effects. The platform has reported that 40,000 loans have been restructured to cushion the customers as requested by CBK.

The restructuring has been informed by the fact that some customers have been sent on unpaid leave, slashed salaries and business owners who have closed shops or are really finding it hard to make ends meet.

One, loans that were to be paid in one month have been spread to a period of upto 24 months. This is such a relief to the customers as they will now be able to repay the installments in a much more dignified way.

Two, the company has also confirmed to have delisted from CRB all the customers who had defaulted on loans less than 1,000 Shillings as directed by the central bank. This is also a very good move as these people will now be able to obtain other loans.

The company understands that these are mainly students in schools as well as the unemployed people in the society.

Okolea CEO Mr Muraya said, "We have released a loan restructuring program which allows for customers in distress to have their loans staggered across several months thus enabling customers to continue servicing their loans in a timely manner."

He continued, "As a company we feel it’s a step in the right direction since most of these customers are either unemployed or students and this could have been a barrier for getting employment in some institutions. We do urge the Central Bank to engage Digital Lenders through their association, Digital Lenders of Kenya, in regards to the data submission of customers to CRBs."

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