From 31st January 2023, digital loan apps operating in Kenya and wishing to have their apps available to users of Android devices from the Google Play Store will have to contend with a number of new requirements.
One of the requirements, according to the latest updates to Google’s Developer Program policy, is proof of licensing by the Central Bank of Kenya (CBK), the industry’s regulator.
This is in addition to completing a “Personal Loan App Declaration for Kenya”.
The new requirements by Google don’t just affect digital lending apps but also any apps seeking a listing on its app store that provides a platform to facilitate money lending by registered digital lenders.
Such apps will have to share with Google the proof of CBK licensing of the respective digital lenders whose services they are giving a platform as well as a clear declaration that they are not lenders themselves but only providing a platform to showcase the services of actual lenders.