Google asks illegal lending apps in Africa to present an operating license

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Google has ordered lending apps in Kenya to show proof of their licenses to operate in the country or else they risk being removed from the Google Play store.

According to TechCrunch, Google’s decision was necessary to protect borrowers from fraudulent loan applications, many of which charge borrowers exorbitant interest rates and operate against legal requirements.

“Developers with personal loan applications targeting Kenyan users must complete [a] declaration form and submit necessary documentation before publishing their personal loan app a Personal loan apps operating in Kenya without proper declaration and license attribution will be removed from the Play Store,” Google said in a policy update. .

New and existing loan applications in Kenya are now expected to submit required documents and information by the end of January next year, following similar actions in India, Indonesia and the Philippines, according to the report.

In May, Google announced that it would require personal loan applications in India to meet additional proof of eligibility requirements.

Eligibility includes a copy of their license issued by the RBI and a statement that they are not directly engaged in money lending activities and only provide a platform to facilitate the lending of money by registered non-bank financial companies or banks to users.

Meanwhile, in August, the tech giant purged more than 2,000 controversial personal loan apps from its Play Store in the January-June period after consulting with law enforcement.

–IANS

shs/ksk/

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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