Google has introduced new restrictions for digital loan apps on its Play Store platform to protect users from predatory lending practices.
The new policy, effective May 31, prohibits loan apps from accessing sensitive personal user data.
Google instructions come just three days after the Federal Government licensed Fairmoney, Payday, and 117 other digital loan apps
In a bid to ensure that users are protected from predatory lending practices, Google has 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.
Google message to loan apps owners
In a statement released Google explained that the new policy is aimed at addressing issues of misuse of personal data by some loan apps.
It reads:
““Apps that provide personal loans, or have the primary purpose of facilitating access to personal loans (i.e., lead generators or facilitators), are prohibited from accessing sensitive data, such as photos and contacts.
“This policy applies to apps which offer loans directly, lead generators, and those who connect consumers with third-party lenders” .
Specific Google instructions for Nigeria digital loan apps
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:
“To operate as a Personal Loan App in Nigeria, it is mandatory for Digital Money Lenders (DML) to comply with the limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (as may be amended from time to time) set by the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria.
“DMLs must also furnish verifiable approval letters obtained from the FCCPC. Loan Aggregators, on the other hand, are required to provide certification and documentation for their digital lending services, as well as contact information for every partnered DML.
“Additionally, upon request by Google Play, you must submit any supplementary information or documents to demonstrate your compliance with the regulatory and licensing requirements that are applicable to your operations.”
FG approves 117 digital loan apps
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.
Here is a full list of fully licensed digital loan apps
1. Sycamore Integrated Solutions Limited 2. Trade Depot
3. Tajow Investment
4. Blue Ridge Microfinance Bank Limited
5. Grolatech Credit Limited
6. Branch International Financial Services Limited
7. P2vest Technology Limited
8. Creditwave Finance Limited
9. Keenest Tech Service Limited
10. Fairmoney Micro Finance Bank
11. Altracred Finance Investment Limited
12. Crevance Credit Limited
13. Menacred Company Limited
14. Afrowide Development Ltd
15.Red Planet Nigeria Limited
16. Afrofirst Mobile and Technology Company Limited
17. Rankcapital Limited
18. IBS Golden Investment Company Limited
19. Lendvisery Services Limited
20. Renmoney Microfinance Bank Limited
21. Swipebill Technologies Nigeria Limited
22. Hometown Fintech Limited
23. Giasun Technology Nigeria Limited
24. Be Resources Limited
25. Rockit Lenders Nigeria Limited
26. Pivo Technology Limied
27. Yes Credit Company Limited
28. Irorun Technologies Limited
29. Csense Limited
30. Supreme Help Cooperative Society Limited
31. Orcom and Orcom Business Support Limited
32. Payhippo Limited
33. Easycheck Finance Investment Limited
34. Quark Financial Nigeria Limited
35. Edmond Solutions Company Limited
36. Ted Rocket Limited Penaid Limited
37. Arve Limited Dover Credit Limited
38. Ragekay Global Investment Limited
39. Maywood Lending Limited
40. Linkpark Technology Nigeria Limited
41. Mangnet Lending Limited
42. Rubystar Global Limited
43. Bestfin Nigeria Limited
44. Fubri Century Company Limited
45. Berly Spring Global Limited
46. Rock Financials Limited
47. Phoenix Payment Solution Limited
48. Value Driver Technology Solution Limited
49. Nextpayday Limited
50. Blackcopper Service Limited
51. Trafalgar Associate Limited
52. Windville Financial Nigeria Limited
53. Orange Loan & Purple Credit Limited
54. Carbon Microfinance Bank Limited
55. Neo-Link Technology Company Limited
56. Finnew Fintech Limited
57. OTP Internet Technology Limited
58. Red Harbor Fintech Limited
59. Paylater Hub Limited
60. Skitloan Nigeria Limited
61. Raceova Nig. Limited
62. New Credage Nigeria Limited
63. Betterlending Company Limited
64. Fast-Point Intergrated Limited
65. Apex Lending Limited
66. Piska Tech Nigeria Limited
67. Princep Credit System Limited
68. Omalend Service Limited
69. Pockful Finance Limited
70. Highcredit Nigeria Limited
71. Hollandale Nigeria Limited
72. Pay Financial Technology Service Limited
73. A1 Capital Solution Limited
74. Newedge Finance Limited
75. Papichou Technology Limited
76. Goharvest International Limited
77. Mino Sparks Limited
78. Xgo Finance Limited
79. Primera Microfinance Bank
80. Credit Tech Lending Company
81. Prosperity Archipelago Limited
82. Finesest Limited
83. Singularity Technology Nigeria Ltd
84. Econ Mart Fintech Limited
85. Pennee Technologies Limited
86. Oxymon Solution Limited
87. Lantana Technology Limited
88. Applink Capital Nigeria Limited
89. Yegon Tech Limited
90. Fezotech Nigeria Limited
91. Eric Vsta Limited
92. Moblaspay Company Limited
93. Paycredit Limited
94. Niz Services Limited
95. Mino Sparks Limited
96. Flo Wood Lending
97. Liberty Assured Limited
98. Uni Technology Nigeria Ltd
99. Trade Lenda Com Limited
100. Creditville Microfinance Bank Ltd
101. Letshego Microfinance Bank Ltd
102. Kiowope Capital Limited
103. Veendhq Limited
104. Ucplus Advance Limited
105. Maven Finance Limited
106. Aella Financial Solutions Limited
107. Fluna Capital Limited
108. Newedge Finance Limited
109. Ta Prime Limited
110. Regxta Global Service Ltd
111. Provest Limited
112. Jm Rubinus Limited
113. Crossroads E-Payment Systems Limited
114. Consynergy Limited
115. Fintcred Innovation Limited
116. Afrosay Fintech Limited
117. Mim Finance Company
Conditional Approval
1. Tripodbase Limited
2. Owoafara Fintech Service
3. Ajax Lending Limited
4. The Platform Digital Network Limited
5. Zippy Capital Limited
6. Lending Edge Limited
7. Lendha Technologies Limited
8. Doja Lemaire Global Limited
9. Payday
