FG Bars All Fintech Loan Apps From Accessing Customers’ Photos, Contacts, and Other Vital Information
By People’s Voice Nigeria | News
Loan apps on the Play Store will lose access to their users’ contacts and photos on May 31, 2023.
This came as the Federal Government announced that it would enforce Google’s latest policy, claiming that the action was consistent with Nigerian authorities’ efforts to limit the invasion of customers’ privacy by loan app firms.
The federal government has recently made significant decisions aimed at addressing the violation of customers’ privacy by loan apps. Notably, the Federal Competition and Consumer Protection Commission recently registered 170 loan apps out of the 200 that are currently in operation in the country.
Google, in its April 2023 policy updates, said the new policy update would provide respite for loan app users in Nigeria and other places that have become accustomed to the crude loan retrieval methods employed by a majority of loan apps.
Google said, “Policy preview (effective May 31, 2023): This article previews changes included in our April 2023 policy updates.
“We are updating our personal loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos.
“We are introducing additional requirements for personal loan apps targeting users in Pakistan. Personal loan apps in Pakistan must submit country-specific licensing documentation to prove their ability to provide or facilitate personal loans.”
This new policy is coming after the firm announced updates to its Developer Program Policy, mandating digital money lenders in Nigeria, India, Indonesia, the Philippines, and Kenya conform to regulatory rules or be taken down by January 31.
