Google clamps down on illegal loan apps in Kenya, Nigeria – Yahoo News UK

Google clamps down on illegal loan apps in Kenya, Nigeria – Yahoo News UK

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.
New rules for digital lenders in Kenya aim to weed out bad actors while bolstering sector growth
Kenya and Nigeria are major tech hubs in Africa, and have witnessed the proliferation of loan apps, offering quick unsecured personal loans of up to $500. However, the lack of stringent regulations, and Google Play Store's slapdash vetting process, has attracted rogue operators, necessitating authorities to take apt measures to protect citizens.
In Kenya, only 10 of the 288 loan apps that applied for licenses from the country’s Central Bank have been permitted. Some of the popular ones like Zenka and Silicon Valley-backed Tala are yet to be licensed.
The digital lenders in Kenya are expected to avoid the use of threats or debt-shaming actions, including posting of personal information on online forums, unauthorized calls and messages to customers, and access to their contacts lists for purposes of contacting them in case of default.
Loan apps collect borrowers’ phone data, including contacts, and demand access to messages to check the history of mobile money transactions — for credit scoring and as conditions for disbursing loans. Rogue lenders have been sharing some of the contact information collected with third-party debt collectors.
Already, 40 loan apps in Kenya are under investigation by the office of the data protection commissioner over data breach, following complaints from users.
The new law requires loan apps to also reveal their pricing model, terms and conditions to consumers in advance, unlike in the past when they were unsupervised.
The apps are also expected to notify the regulator before introducing new products or making changes to existing ones, in addition to disclosing and providing evidence of their sources of funds.
Kenya cracks down on digital lenders over data privacy issues
Digital lenders in Kenya must disclose source of funds as new law takes effect
Google cracks down on personal loan apps in India following abuse and outcry
Both Brian Coxes appeared on BBC and laughed about the confusion that arose when they were booked into the same hotel.
ITV reality show is back in Australia this year, but which contestants previously triumphed in the jungle?
Chancellor announces ‘biggest ever cash increase in state pension’
A Dutch court has found two Russian men and one Ukrainian man guilty of shooting down the Malaysia Airlines flight MH17 in 2014, but acquitted a third Russian.
Jeremy Hunt has announced a ‘rock-solid’ commitment to rebuild public finances. Source: Reuters
“Everything from police to social housing to our crumbling schools is being left in the dust," say the Lib Dems.
Campaigners for votes for women will be recognised with an English Heritage blue plaque at their Westminster HQ. The building at 22 Great Smith Street was the London base of the National Union of Women’s Suffrage Societies (NUWSS) in the eight years leading up to the 1918 change in the law that finally gave some women the right to vote. The suffragists, who used legal campaigning methods as opposed to the more extreme suffragettes, were led by Millicent Garrett Fawcett whose 2018 statue in Parliament Square was the first monument unveiled in the landmark London site.
Chancellor says move is needed to reduce borrowing
International Men's Day spotlights issues men face globally
Narberth – the home town of Wales soccer star Joe Allen – kicks off a fun-filled fanzone experience this weekend.
A 43ft Christmas tree that will stand close to Big Ben has been felled and will start its 330-mile journey to London. The prime Sitka spruce was one of the 150 million trees growing in Kielder Forest, Northumberland and has been selected by Forestry England for its thick foliage and impressive dimensions. In order to protect it for its trip to the capital, the tree has been put through a large baler. It will soon stand at the foot of the Elizabeth Tower at the Houses of Parliament.
All-inclusive holidays are increasing in popularity due to the cost of living crisis, according to new research from the UK tourism industry. This rises to 40 per cent among those aged 44 and under and 57 per cent of those with young children who are keen to “lock in” the total cost of their holiday before setting off. Firms such as Travel Republic, Barrhead Travel, TUI, Jet2holidays and easyJet holidays have reported an increase in all-inclusive deals, which remove the need to pay for lunch, dinner or drinks – and often added extras such as excursions or holiday clubs.
South Africa’s director of rugby has been handed a two-match ban after posts appearing to criticise referee Wayne Barnes
Dong Guangping’s family suspects activist has been deported to China
Mark Brown claims Alexandra Morgan died in an accident in his workshop, and in a panic he covered it up and disposed of her body
Ground staff at Heathrow Airport have begun a 72-hour strike, in protest at their pay. The strike by workers at aviation services firm Menzies will affect a range of airlines and disrupt a number of flights leaving terminals 2, 3 and 4 at Britain's busiest airport, a statement from the union said. Flights operated by Air Canada, American Airlines, Lufthansa, Swiss Air, Air Portugal, Austrian Airlines, Qantas, Egypt Air, Aer Lingus and Finnair are most likely to be disrupted.
Media elsewhere reports that sponsors of the count opposed to ivory trade could manipulate the data to strengthen their case
A Clydebank carer headbutted a youngster who was left with a broken nose.
Jeremy Hunt said the Treasury will work with the Bank of England to achieve stability in autumn statement.Source: Reuters
Leila Borrington is accused of murdering Harvey Borrington at her home in Jacksdale, near Nottingham.

source

Apk Bazar

Leave a Reply

Your email address will not be published. Required fields are marked *