Kenya: Google Play Store personal loan policy to regulate growing predatory lending
Author: Victor Amadala, The Star(Kenya), Published on: 30 August 2019
"New Google app rules to deny borrowers quick mobile loans"
Google now wants all mobile loan apps using its Play Store platform to ensure the repayment period for loans is not below 60 days. The new Google Play Developer Policy published Wednesday gave affected companies 30 days to comply. "We do not allow apps that promote personal loans which require repayment in full in 60 days or less from the date the loan is issued",’’ Google said. It said developers working on personal loan apps need to have data about the loan product in the metadata that allows it to verify the app is not charging astronomical interest, which is common with "payday loans’’
The new policy is expected greatly affect the booming mobile lending app industry in Kenya that mostly targets android users...Tala, the leading mobile lending app in the country with over 500,000 subscribers on Google App Store said it was analysing the policy to check if the new rules will be applicable globally or just in US market. "We are yet to get any communication from Google. It is not clear if the new policy is applicable in US market or globally,’’ Kevin Kaburu, a communication officer at Tala said.
Related companies: Google (part of Alphabet)