11:09:12 PM PST - Monday, December 5th, 2022

Google clamps down on illegal loan apps in Kenya, Nigeria  

By Editor - Fri Nov 18, 4:41 am

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Google is requiring loan apps in Kenya to submit proof of license to operate in the country, failure to which they risk removal from Play Store, its digital distribution service. Those that have applied for licensing by Central Bank of Kenya, and can produce evidence of the same, may also be spared. Google’s action has, however, been sluggish, coming two months after the Digital Credit Providers Regulations took effect to protect borrowers from rogue apps, many of which had predatory lending practices and used debt-shaming tactics to recover their money. New and old loan apps in Kenya are now expected to submit the requisite documents and information, or risk being locked out at the end of January next year, following similar actions in India, Indonesia and Philippines. “Developers with personal loan apps targeting Kenyan users must complete [a] declaration form and submit the necessary documentation before publishing their personal loan app … Personal loan apps operating in Kenya without proper declaration and license attribution will be removed from the Play Store,” said Google in a policy update that also requires apps in Nigeria to get a “verifiable approval letter” from the Federal Competition and Consumer Protection Commission (FCCPC). While less stringent than Kenya’s new law, the FCCPC rules, which came into effect in August this year to protect borrowers, expects lending apps to declare their fees and demonstrate how they receive feedback and solve complaints, among other requirements

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Google clamps down on illegal loan apps in Kenya, Nigeria

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