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
- CHILDREN’S DAY: Polaris Bank Urges Parents to Teach Kids Savings Culture
- False Cult Initiation Video in Delta State Secondary School Exposed
- New Studies Reveal Cell Phone Radiation’s Harmful Impact on DNA
- Delta State Police Smash Kidnapping Gang and Seize Weapons in Major Victory Against Crime
- Polaris Bank Excites Affluent Customers with New Product …Offers Free VISA Signature Card
This Post Has One Comment
Pingback: EASTER: Polaris Bank Assures Nigerians of Seamless