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Nigeria and Kenya to enforce regulatory compliance for Google’s loan apps.

Nigeria and Kenya to enforce regulatory compliance for Google's loan apps

Nigeria and Kenya to enforce regulatory compliance for Google’s loan apps

Google Play has announced revisions to its Developer Program Policy, which will go into effect on January 31, 2023.
According to these modifications, digital money lenders in Nigeria must follow the standards of the Federal Competition and Consumer Protection Commission (FCCPC). They will also be obliged to supply Google Play with additional evidence proving their compliance with the proper regulatory authorities in the country.

Digital credit providers in Kenya will be needed to complete the personal loan app declaration for Kenya and acquire a licence from the Central Bank of Kenya (CBK). Apps that are not directly engaged in money lending will also be obliged to make that clear while providing the licences of their partners.
To combat predatory lending activities in Nigeria, the FCCPC issued the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending in August 2022. In addition to completing a digital lending guidelines form, digital lenders in the nation are required to submit the following documents to the FCCPC:

A certified copy of the applicant’s incorporation certificate.
A short description of the applicant’s company and, when applicable, its groups.
An organogram displaying important actors and their locations, as well as any operational authorising authorities or persons.
Name and address of a person inside the company who is authorised to receive all communications and accept service on the company’s behalf.
Membership in any trade or professional organisation.
Any service level agreements with service providers regarding operations but excluding administration.
Feedback and complaint resolution system evidence
Where relevant, evidence of tax payments or waivers.
All relevant service fees
FCCPC Interim Digital Lending Guidelines Form 002: Digital Lending Business Declaration in Nigeria
Personal loan applications have grown in popularity in recent years as conventional financial institutions have shied away from offering lending services to the majority of Africans. In Nigeria, fewer than 5% of the adult population has access to credit, and companies are also impacted. Women are the worst hurt, with just 2% of Nigerian women having access to credit.

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