Okolea International has restructured loans for its clients to help them cope with the downside effects of the Covid-19 pandemic. It is offering restructured loans for 40,000 customers, a local media reported.
Okolea International provides instant loans to Kenyans through an app. Using its lending app, clients will be able to access loans without any hassle, media reports said. In fact, clients can receive up to Sh1 million loans instantly into their bank accounts through a request on the app.
The company is quite prominent in Kenya and select countries in the rest of Africa.
Okolea chief executive Peter Muraya, told the media, “We have released a loan restructuring programme 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.”
It is reported that these loans are restructured with a revised payment duration of up to 24 months. Previously, they had a duration of one month. Okolea International has invested significant efforts in consumer protection and is focused on responsible lending, media reports said.
“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 CBk to engage Digital Lenders through their association, Digital Lenders of Kenya, in regards to the data submission of customers to CRBs. It’s my sentiment that not allowing lenders with good practices ability to submit data could deny good customers a chance to strengthen their credit profiles,” Muraya said.