The Nigerian government has stopped online banks and loan applications from accessing their customers’ contact details or photos from May 31, 2023. The Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, made this known after Google’s recent policy update.
In its April 2023 policy updates, Google directed digital money lenders operating in Nigeria, India, Indonesia, the Philippines, and Kenya to comply with regulatory rules or face being removed from the Play Store. The company stated that only digital money lenders who have adhered to and completed the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, and obtained a verifiable approval letter from the FCCPC would be allowed on its platform in Nigeria.
READ ALSO: Sterling Bank Transforms on The NGX, Relists As Sterling Financial Holdings
Google announced its policy preview stating that these changes would become effective on May 31, 2023. This move by the Nigerian government is seen as a measure to protect the privacy of its citizens from digital lenders and other fintech that have been accused of overstepping their bounds.
#Nigeria #OnlineLenders #CustomerData #Privacy #Fintech #Regulations
LATEST NEWS
- How has Lagos changed over time?
- Access Bank Marathon Maneuvers: Smooth Routes, Safety for 2024 Lagos Run
- Police Bust Illegal Weapons and Drug Ring in Proactive Sweep
- CP Abaniwanda Surajudeen Olufemi Takes Charge, Vows Improved Security in Delta
- Massive Bust: Church Burglary Unearths Stolen Cache; Suspects Apprehended
This Post Has One Comment
Pingback: EASTER: Polaris Bank Assures Nigerians of Seamless