Google, FG Announces Strict New Rules For Digital Loan Apps in Nigeria, Bans Contact Access, Pictures – Legit.ng
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In a bid to ensure that users are protected from predatory lending practices, the federal government and also Google have introduced new restrictions for digital loan apps on its Play Store platform.
This move comes just a few days after the Federal Government of Nigeria licensed 117 digital loan apps to serve Nigerians.
Techcrunch reports that google new policy, which comes into effect on May 31, will prohibit apps from accessing sensitive user data such as photos, videos, contacts, precise location data, and call logs.
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In a statement released Google explained that the new policy is aimed at addressing issues of misuse of personal data by some loan apps
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It reads:
Google also set specific instructions for loan apps operating in Nigeria asking all in its Play Store to ensure they meet regulatory requirements.
The message reads:
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Google's directive follows an announcement by the Federal Competition and Consumer Protection Commission stating that out of 173 loan apps, only 119 have received full approvals, while 54 currently have conditional approvals.
The commission has also barred illegal online banks.
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For several months, the federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has been making attempts to put the operators of online loan apps in Nigeria in check.
In March 2022, the FCCPC raided at least seven digital loan companies operating in Lagos over “possible violation” of consumer rights.
The operation led by the commission’s boss, Babatunde Irukera, was in response to several complaints of malpractices on the part of the lenders.
Source: Legit.ng
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