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Google removes hundreds of Kenya-focused loan apps from Play Store

Google removes hundreds of Kenya-focused loan apps from Play Store

#loans
#fintech
Google has taken down hundreds of loan apps from the Play Store in Kenya since its new policy, which requires digital lenders in the East African country to submit proof of license, went into effect in January.

Google has removed hundreds of loan apps from the Play Store in Kenya since implementing a policy in January that requires digital lenders to submit proof of license. The move followed Kenya's Digital Credit Providers (DCP) regulations of 2020, which stipulated that lenders providing digital loans must obtain a license from the Central Bank of Kenya. The number of finance category apps on Play Store in Kenya has fallen from 657 in February to 198 currently. As of January, only 22 digital lenders had obtained licenses from 381 that applied. Loan apps awaiting licenses must now submit a declaration form for interim approval.


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