– Google has taken a step forward and are now keen to tackling illegal loan apps.
The most heartbreaking news is that this loan apps use a lot of dirty measures to recover loans from debtors, like sending messages to their contacts [ This very act have been marked to be illegal]
The new rules are, loan apps in Kenya, must now provide their operating license.
More About The New Rule For Loan Apps
Those in Nigeria, will provide an approval document from the federal competition and consumer protection commission [FCCPC].
The tech company stated that loan Apps specifically from Kenya, Indonesia, Philippines and Nigeria will be removed.
According to Google, the policy applies to apps offering loans directly to customers with third party lenders.
The FCCPC in Nigeria, have waited so long for this opportunity, since they have been hunting for recalcitrant loan apps that violate consumer rights and privacy in Nigeria.