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.
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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
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