After India, Google acts upon illegal loan apps in Africa
San Francisco: Google has required loan apps in Kenya to present proof of a license to operate in the country, or they risk being removed from the Google Play store.
According to TechCrunch, Google’s move is necessary to protect borrowers from fraudulent loan applications, many of which charge borrowers high interest rates and operate in contravention of the law.
“Developers with personal loan applications targeting Kenyan users must complete [a] declaration form and submit required documents before publishing their personal loan application. Personal loan applications operating in Kenya without proper declaration and attribution of licenses will be removed from the Play Store,” Google said in a policy update.
The report said new and existing loan applications in Kenya are expected to submit the required documents and information by the end of January next year, following similar actions in India, Indonesia and the Philippines.
Back in May, Google announced that it would require personal loan applications in India to complete additional requirements for proof of eligibility.
Eligibility includes a copy of their license issued by the RBI and a statement that they are not directly involved in money lending activities and only provide a platform to facilitate users to borrow money by Registered Bank or Non-Banking Finance Company.
Meanwhile, in August, the tech giant removed more than 2,000 controversial personal loan apps from the Play Store between January and June after consulting with agencies. law enforcement agency.