Business Headline News Nigeria

FG bar money lenders access to customers’ contacts

FG bars online banks from accessing customers’ photos, contacts

The Federal Government has announced that digital money lenders will no longer be able to access their customers’ contacts or photos from May 31, 2023.

This policy was designed to keep money lenders from invading their customers’ privacy.

The policy will prohibits personal loan apps from accessing user contacts or photos.

The Federal Competition and Consumer Protection Commission recently registered 170 of Nigeria’s 200 loan apps.

Earlier, in April 2023 google in its policy updates, disclosed that the new directive would provide respite for loan app users in Nigeria and other places where crude loan retrieval methods have become common place.

The policy also introduces additional requirements for personal loan apps targeting users in Pakistan, including the submission of country-specific licensing documentation to prove their ability to provide or facilitate personal loans.

The new policy mandates digital money lenders in Nigeria, India, Indonesia, Philippines, and Kenya to conform to regulatory rules or face removal from the Play Store by January 31.

Writing by Julian Osamoto; Editing by Adeniyi Bakare