Privacy: FG Backs Google, To Clampdown On Defaulting Online Banks

Privacy: FG Backs Google, To Clampdown On Defaulting Online Banks

The Federal Government, FG, has thrown its weight behind Google on privacy, as it expressed its commitment to enforcing the latest privacy policy by the tech giant.

BizWatch Nigeria understands that the latest Google policy would see loan apps risking sanctions, as the tech company banned them from accessing their users’ contacts or photos.

This new policy is expected to take effect from Wednesday, May 31, 2023.

Google, in its April 2023 policy updates, said the new policy update would provide respite for loan app users in Nigeria and other places that have become accustomed to crude loan retrieval methods employed by a majority of loan apps.

“Policy preview (effective May 31, 2023): This article previews changes included in our April 2023 policy updates.

“We are updating our personal loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos.

“We are 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 policy read.

Reacting to the Google policy, the Chief Executive Officer of the FCCPC, Babatunde Irukera, stated that it was a welcome development and shows that Google was institutionalising its regulatory policy.

He said, “It is a welcome development effort and is consistent with the position the FCCPC has taken and what we are enforcing.

“Google is now institutionalising our regulatory effort as a policy, which is very welcome. It is certainly important for proper regulatory oversight of the industry, and we commend Google for taking a position that is consistent with our position as regulators.”

He added, “Recall that we took this position earlier and what has happened is that Google has looked at the regulatory landscape, looked at the regulatory priorities, and is supporting those priorities by institutionalizing those regulatory priorities and position.”

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