Google cracks down on loan apps, removes hundreds from Play Store in Kenya
Alphabet-owned Google has suspended hundreds of loan apps in Kenya providing unsecured personal or business loans. The apps had been taken down after failing to comply with Google's new policy requiring digital lenders to submit proof of licence, according to a TechCrunch report.
It is unclear how many apps have been booted out but expert estimates suggest that the ballpark figure could be around 500 with popular apps like MoKash and Okash receiving the axe. Up until last month, over 600 apps were active on the Play Store but that number has come down to under 200 as of Friday (March 24).
After Kenya's central bank issued regulations for Digital Credit Providers (DCPs) last year, the US-based tech giant also published its new policy in January, requiring credit-providing applications to obtain licences from the top bank.
According to reports, only 22 digital creditors such as Tala, Pezesha and Jumo had managed to get the licence from the Central Bank of Kenya (CBK) till January.
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The regulations state that any digital lender that is yet to get a licence from CBK can receive an interim approval for Google which is only valid for 45 days. Once the periodlapses, the company should either have received the approval or file a declaration that its permit was still pending.
However, if the company failed to do so, its interim approval will be rescinded and it will be removed from the app store.
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The unregulated loan app business has been booming across most countries. However, the exorbitant interest rates and predatory practices employed by the companies to exact the loan amount has tarnished the reputation of the particular digital sector.
Google has been steadily moving to curb the menace of digital loan apps. It banned over 2,000 loan apps in India last year by citing violation of norms, misrepresentation of information and questionable offline behaviour as the reason.
(With inputs from agencies)
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