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Google says the policy applies to apps that offer loans directly and those that connect consumers with third-party lenders.
Google will remove unlicensed loan apps on Play Store effective January 31, 2023. According to Google, all loan apps must present all their licensing documents for the market before they are allowed on the platform. With this, loan apps in Nigeria must now provide an approval
document from the Federal Competition and Consumer Protection Commission
(FCCPC) or risk being removed from the platform effective from January
31, 2023.
Specifically, the new Google policy guidelines outline requirements
for loan apps in Nigeria, Kenya, India, the Philippines, and Indonesia.
These countries are known to be the operational base of unlicensed loan
apps.
Google says the policy applies to apps that offer loans directly and those that connect consumers with third-party lenders.
It adds that all new and existing apps will receive a grace period
of at least 30 days from November 16, 2022, to comply with the changes,
while the policy becomes effective January 31, 2023.
Compliance with FCCPC: For loan apps operating in Nigeria, Google said:
“Digital Money Lenders (DML) must adhere to and complete the
LIMITED INTERIM REGULATORY/ REGISTRATION FRAMEWORK AND GUIDELINES FOR
DIGITAL LENDING, 2022 (as may be amended from time to time) by the
Federal Competition and Consumer Protection Commission (FCCPC) of
Nigeria and obtain a verifiable approval letter from the FCCPC.
“You must, upon Google Play’s request, provide additional
information or documents relating to your compliance with the applicable
regulatory and licensing requirements.”
Recall that the FCCPC has in recent times clamped down on
unlicensed loan apps in the country, otherwise referred to as loan
sharks due to their nefarious activities. The Commission had recently
asked Google to remove 4 loan apps being used for unethical practices
from the Play Store. The apps included Maxi Credit, Here4U, ChaCha, and
SoftPay.
The Commission said its investigations revealed that the listed
apps are owned by other popular apps that are under investigation for
unethical practices and breach of consumer privacy. Specifically, it
mentioned Soko Loan as the company behind several other apps being used
to circumvent the efforts of the Commission.
However, despite the efforts of the FCCPC, several other unlicensed
loan apps are emerging by the day on the app store even as many
Nigerians continue to fall victim to their antics. Although some of the
apps are operating outside the app store, the new Google policy is
expected to curb access to them via the platform. |
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