Islamabad, 19 July, 2023 (GNP): Google has launched a new policy for personal loan applications to safeguard its users across Pakistan from fraudulent and unregistered loan apps.
According to the new protocols, the lender of Non-Banking Finance Company (NBFC) is permitted to publish only a single Digital Lending App (DLA). Those who tried to publish more than one DLA will immediately be removed from their developer account and any other linked account.
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Moreover, the developers with personal loan apps in Pakistan are supposed to fill out the Personal Loan App Declaration form and forward the significant documentation before creating their app.
Furthermore, the developers must present evidence of approval from the Securities and Exchange Commission of Pakistan (SECP) to provide digital lending services in Pakistan.
Additionally, Google Play will ask for more details or documentation to ensure that the loan app complies with all necessary legal and licensing requirements.
Moreover, Personal loan apps functioning in Pakistan without a valid disclosure and license will be terminated from the Google Play Store.
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Google’s Director for Pakistan Farhan S. Qureshi stated, “Google is taking preventative measures by setting stringent requirements for Digital Lending Apps to reduce financial risk and ensure data privacy. We strongly believe that the new requirements imposed on developers of personal loan apps will provide an extra layer of protection for the users.”
According to the new set of rules, a DLA is not permitted to acquire sensitive data, such as external storage, media images, contacts, and fine location. Meanwhile, Apps providing interim personal loans, demanding full refunds within 60 days from the issue date of the loan are not permitted.
