Nigeria goment don begin monitor activities of loan applications and online banks wey dey operate for Nigeria.

Already goment don ban almost 150 loan apps from accessing contacts and photos of dia customers wey borrow money from dem.

Di ban go take effect on 31 May 2023, according to di Federal Competition and Consumer Protection Commission.

E neva tey wey di commission register 170 new loan application wey pipo dey fit download via Play Store.

Why goment take dis decision

Nigeria goment say dem dey review di operation of di loan apps sake of one new policy by Google.

Dem say di main reason why dem need to comply wit Google advice na to reduce di invasion of customer privacy by loan application companies.

Recently di Federal goment don take some major decision to tackle di violation of di privacy of customers by loan apps.

“Na welcome development and e dey consistent wit di position di FCCPC,” Babatunde Irukera di Chief Executive Officer of di FCCPC tok.

Di complete list of dis loan applications and online banks go dey reviewed according to di commission.

Wetin dey inside di google policy

Na April 2023 Google release dia policy wey dem review on digital financial companies.

Di aim of di policy na to stop di harsh way loan app owners dey take collect dia money back from customers.

“Policy preview (effective May 31, 2023): dis article previews changes wey dey our April 2023 policy updates.

“We dey update our personal loan policy to say di apps wey dey aim to provide or facilitate personal loans no go fit access user contacts or photos,” Google tok.

Google say for purpose of dis policy, dem consider financial products and services to be doz related to di “management or investment of money and cryptocurrencies, including personalized advice.”

Di company say only digital money lenders wey don comply and complete di Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 and wey get verifiable approval letter from di FCCPC go dey allowed on Play Store for Nigeria.