Relief has come the way of borrowers in Nigeria and other countries as Google has introduced a new policy that bans loan apps from accessing photos and contacts of users.
The policy according to Google, is expected to take effect from May 31, 2023. It is targeted at addressing the rising privacy breaches and loopholes usually employed by loan sharks to invade customers’ privacy.
Loan apps, exploring the credit gap, are known for harassing Nigerian borrowers on their platforms, sending defaming messages to their contacts, and exposing confidential data to third-party harvested from their contact list.
Recall that as part of the sanity targeted on the sub-sector, the Federal Competition and Consumer Protection Commission (FCCPC) had recently registered 170 loan apps out of the 200 operating in the country.
Google, in its April 2023 policy updates, said the new policy would provide respite for loan app users in Nigeria and other places where crude loan retrieval methods have become the norm. The updated policy prohibits personal loan apps from accessing user contacts or photos. -THE GUARDIAN
