Digital lenders in Kenya will have to file a self-declaration form and license from the Central Bank of Kenya (CBK) with the tech giant, Google, in order to remain placed under Google Play.
Google last week published new policies that will force mobile loan lenders to disclose the requirements from the banking regulator within a month in order ‘to remain or publish new personal loan apps on Play Store.
Play Store allows web and android users to access applications for their phones. This means millions of short-term borrowers will be unable to download or get an update on the applications from lenders that fail to comply with the new policies.
The American tech firm will also remove hundreds of mobile apps from its platform if they fail to prove their permits to operate before the deadline on December 15.
“Digital Credit Providers (DCP) should complete the DCP registration process and obtain a license from the Central Bank of Kenya (CBK). You must provide a copy of your license from the CBK as part of your declaration,’’ Google said in the Developer Program Policy.
“Currently we only accept declarations and licenses from entities published under the Directory of Digital Credit Providers on the official website of the CBK.”
