Google has announced efforts to limit the availability of loan apps on its Play Store to sensitive user data such as images, videos, and contacts. The change, which was made to the Personal Loans Policy yesterday, will go into effect on May 31st.
“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,” the business stated in its update.
This move is in reaction to growing concerns about predatory lending practises used by loan apps around the world. These mainly unregulated lenders particularly in Africa use debt-shaming and unethical data-sharing practises to bully their consumers into repayment.
The rise of undesirable actors paved the ground for the subsequent tight regulatory control. Google now allows only licenced apps to continue on its platform.
Google’s new measure adds another regulatory stroke that will help to manage the space’s operators and, perhaps, inflict a deadly blow to predatory lending in Africa.
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