Google Introduces Strict Policy Against Loans Apps in Pakistan
Google has announced a new personal loan application policy in an effort to safeguard Pakistani consumers against phoney and unregistered loan applications.
The Non-Banking Finance Company (NBFC) lender is only allowed to publish a single Digital Lending App (DLA) under the new rules, which take effect on May 31, 2023. Anyone who tries to publish more than one DLA will have their developer account and all related accounts deleted.
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Before releasing their app, developers of personal loan apps with users in Pakistan must fill out the Personal Loan App Declaration form and submit the required paperwork. For them to provide or enable digital lending services in Pakistan, they must provide documentation of authorisation from the Securities and Exchange Commission of Pakistan (SECP).
Additionally, Google Play will ask for more details or documentation proving that the lending app complies with all necessary legal and licencing criteria.
The Play Store will remove any personal loan apps functioning in Pakistan without the required disclosure and license attribution. If the filed license, registration, or declaration is no longer legal under the relevant legislation, the developers must remove the programme from the Google Play Store right away.
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Google is taking proactive action by imposing strict guidelines for digital lending apps in order to lower financial risk and guarantee data privacy, according to Farhan S. Qureshi, Google’s Director for Pakistan. We are confident that the additional safeguards provided by the new regulations placed on personal loan app producers would benefit customers.
A DLA is not permitted to access sensitive data, including external storage, media photos, contacts, and precise position, in accordance with the new set of regulations. While short-term personal loan apps that demand full repayment within 60 days of the loan’s issuance date are prohibited.
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