Google Sets Stricter Policy for Digital Loan Apps in Pakistan
Google has announced a new policy requiring personal loan applications (digital lenders) in Pakistan to submit country-specific license papers to demonstrate their capacity to offer or facilitate personal loans, at the request of the Securities and Exchange Commission of Pakistan (SECP).
The SECP’s measures, according to sources who spoke to ProPakistani, include enforcement actions, consultations, and interactions with relevant parties like Apple, Google-Asia Pacific, mobile wallet operators, and telecom service providers. These initiatives aim to protect consumer interests and guarantee that all digital lending platforms abide by the established regulatory standards.
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As a result, Google has prohibited personal loan apps targeting users in Pakistan from accessing contacts or photographs in its April 2023 policy update. Additionally, Google has recently made it essential for Pakistani personal loan applications to provide license information relevant to that nation in order to demonstrate their capacity to offer or arrange personal loans.
Pakistan is the sixth nation in the world for which Google has implemented extra restrictions for digital lending apps, which include the following:
One digital lending app can only be published by each NBFC. Developer accounts and any related accounts could be terminated if they attempt to publish more than one app per NBFC.
Fill out the personal loan application declaration for Pakistan and submit the required paperwork.
In order to provide or enable digital lending services in Pakistan, you must provide proof of SECP approval.
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Give more details or documentation about your compliance with the necessary licensing and regulatory requirements.
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