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Google Restricts Loan Apps Access to Clients’ Info

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CEM REPORT, ICT | 

Google has introduced a new policy which restricts apps from accessing photos and contacts of users.

The policy which takes effect from May 31, 2023, is in addition to the mandatory submission of an approval document from the Federal Competition and Consumer Protection Commission (FCCPC).

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The new policy update was announced on the Google developer policy page.

“We’re updating our Personal Loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos.

“Apps that provide personal loans, or have the primary purpose of facilitating access to personal loans (i.e., lead generators or facilitators), are prohibited from accessing sensitive data, such as photos and contacts.”

Additionally, Google said that loan apps must also provide all the necessary information about their interest rates, repayment plans, applicable fees, and charges on the Play Store to guide users.

“Personal loan consumers require information about the quality, features, fees, repayment schedule, risks, and benefits of loan products to make informed decisions about whether to undertake the loan.”

Recall that the FCCPC released a list of 173 digital lending companies that had been registered as of March 27, 2023.

The registered companies were said to have provided information regarding their interest rates, the type of information they access from their customers, and sources of their money, among others.

The FCCPC CEO, Babatunde Irukera, however, noted that registration does not mean that all the registered companies are law-abiding, but it will significantly reduce how they violate the law. According to him, with the information provided by the registered companies, the Commission can easily trace them and hold them accountable if they violate any law.

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