Tech

Google deletes hundreds of Kenyan loan apps from Play Store

Published

2 years ago

March 30, 2023

Hundreds of Kenyan-focused loan apps have been deleted from the Google Play Store in compliance with a digital lenders policy enacted by the Central Bank of Kenya (CBK),
which requires all apps to be duly licensed by the country’s apex bank.

The policy which came into force in November last year, had seen Google directing loan app publishers to ensure they fully comply with the CBK requirements before being allowed on Play Store, giving the affected apps a 30-days grace period before it would begin to take the action of removing them from its Play Store.

A statement on Wednesday from the tech giant noted that with the Digital Credit Providers (DCP) regulations coming into effect last year and the expiration of the stipulated grace period, it had no option other than to remove the defaulting apps.

The CBK had put the regulation in place after many users had flocked to the credit apps as they offered quick, unsecured personal or business loans; with little to no collateral requirements.

However, the loan apps have been accused of charging exorbitant interest rates, applying debt-shaming tactics to recover their money, and sharing customer data with third parties.

“The new rules were meant to put the industry under control, following several reports of misuse of data by digital lenders. CBK has been at the forefront of tightening its regulatory approach in the industry that was previously largely unregulated,” the statement said.

The CBK also noted that as at January, only 22 digital lenders had obtained the operational licence out of 381 that applied.

The successful financial apps, according to the bank, include
Tala, a PayPal-backed lending app, Pezesha, a B2B embedded lending platform andJumo, a fintech provider providing financial services including lending, which are some of the biggest players in the sector.

Related Topics:CBK Featured Google Kenya Loan Apps Play Store

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Tech

Facebook returns to Uganda after 4-year ban

Published

1 day ago

December 24, 2024

Isaac Dachen

After four years of being in the cooler as a result of suspension by government, Facebook, now Meta, is making a return to Uganda after prolonged negotiations saw the Ugandan government reverse the ban it placed on the platform since 2021.

The suspension of the social media platform had stemmed from accusations by the government that Facebook was meddling in the country’s political affairs during the 2021 presidential elections which arose after it deleted government-affiliated accounts for allegedly spreading disinformation.

This ban of Facebook has led to widespread disruptions across the nation, affecting not only political discourse but also personal connections and business operations.

But according to reports, with a potential re-launch on the horizon for December 2024, Facebook’s comeback could be a game-changer with approximately 2.5 million Ugandans poised to reconnect on the platform, while the Uganda Revenue Authority stands to gain financially from its revival just as businesses, especially smaller enterprises, stand to benefit from advertising incomes.

Tech

20 African tech-preneurs embark on Korean innovation tour

Published

3 days ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.