Google Issues Strict Policies for Loan Apps, Restricts Them from Accessing Sensitive User Data

Image: Mashriq TV

Google has recently issued stricter guidelines for personal loan apps in Pakistan according to which the apps are not allowed to access the sensitive data of users including contacts, videos and photos.

The tech giant announced, “We’re introducing additional requirements for personal loan apps targeting users in Pakistan. Personal loan apps in Pakistan must submit country-specific licensing documentation to prove their ability to provide or facilitate personal loans”.

The announcement was made after the Securities and Exchange Commission of Pakistan (SECP) contacted Google and other tech-related businesses to protect consumer interests by ensuring they are complying with rules and regulations.

The updated policy will become effective from May 31, 2023.

Google said, “Each Non-Banking Finance Company (NBFC) lender can only publish one Digital Lending App (DLA). Developers who attempt to publish more than one DLA per NBFC risk the termination of their developer account and any other associated accounts.”

It further said, “You must submit proof of approval from the SECP to offer or facilitate digital lending services in Pakistan.”