Friday, 18 November 2022



Google Announces Date To Remove All Unlicensed Nigerian Loan Apps

Tony Gists The Developer Releases His first Mobile Gaming android Application. Download from Play store
https://play.google.com/store/apps/details?id=tony.gists1application
    



Google says the policy applies to apps that offer loans directly and those that connect consumers with third-party lenders.

Google will remove unlicensed loan apps on Play Store effective January 31, 2023.

According to Google, all loan apps must present all their licensing documents for the market before they are allowed on the platform.

With this, loan apps in Nigeria must now provide an approval document from the Federal Competition and Consumer Protection Commission (FCCPC) or risk being removed from the platform effective from January 31, 2023.  
 
Specifically, the new Google policy guidelines outline requirements for loan apps in Nigeria, Kenya, India, the Philippines, and Indonesia. These countries are known to be the operational base of unlicensed loan apps. 
 
Google says the policy applies to apps that offer loans directly and those that connect consumers with third-party lenders. 
 
It adds that all new and existing apps will receive a grace period of at least 30 days from November 16, 2022, to comply with the changes, while the policy becomes effective January 31, 2023. 
 
Compliance with FCCPC: For loan apps operating in Nigeria, Google said: 
 
“Digital Money Lenders (DML) must adhere to and complete the LIMITED INTERIM REGULATORY/ REGISTRATION FRAMEWORK AND GUIDELINES FOR DIGITAL LENDING, 2022 (as may be amended from time to time) by the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria and obtain a verifiable approval letter from the FCCPC. 
 
“You must, upon Google Play’s request, provide additional information or documents relating to your compliance with the applicable regulatory and licensing requirements.” 
 
Recall that the FCCPC has in recent times clamped down on unlicensed loan apps in the country, otherwise referred to as loan sharks due to their nefarious activities. The Commission had recently asked Google to remove 4 loan apps being used for unethical practices from the Play Store. The apps included Maxi Credit, Here4U, ChaCha, and SoftPay. 
 
The Commission said its investigations revealed that the listed apps are owned by other popular apps that are under investigation for unethical practices and breach of consumer privacy. Specifically, it mentioned Soko Loan as the company behind several other apps being used to circumvent the efforts of the Commission.  
 
However, despite the efforts of the FCCPC, several other unlicensed loan apps are emerging by the day on the app store even as many Nigerians continue to fall victim to their antics. Although some of the apps are operating outside the app store, the new Google policy is expected to curb access to them via the platform. 


Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist

Are You On youtube? subscribe to Tony Gists 2 Channel Latest Updates - @Tony Gists 2

Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose

Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions

Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest

Are You On Twitter? Follow Us Now For Latest Updates - @tonygists

Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists

Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists


© 2022 Tonygists | Portions are © 2022 Associated Press. All rights reserved. This material may be published, broadcast, rewritten, or distributed.

Share This Post Via

Related Posts

Previous
Next Post »


Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.
 


 
Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.
 
for more information click RELIANCE TRAINING AND MANAGEMENT CONSULTING

Ads