Google to take away loan apps that violate CBK rules from the Play Store

Google has declared that it will remove mobile loan applications that don’t adhere to the rules of the Central Bank of Kenya (CBK).

On November 16, 2022, Google revised its policies and stated that all Digital Credit Providers (DCP) must register with the DCP 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,” read the policy update.

Google added that companies that are only offering a platform to enable registered DCPs to lend money to users and are not directly involved in money lending activities must accurately reflect this in the declaration and provide a copy of the DCP license of their respective partner.

“Currently we only accept declarations and licenses from entities published under the Directory of Digital Credit Providers on the official website of the CBK,” Google said.

All apps, both new and old, have been given a grace period of at least 30 days starting on November 16, 2022, to comply with the changes.

The new rules go into effect on January 31, 2023.

CBK has only officially granted 10 digital lenders operating licenses to date.

The 10 were chosen from a pool of 288 candidates after being instructed to provide all necessary paperwork to assist the CBK’s licensing review procedure. Other digital lenders who missed the application deadline were asked to stop operations right away.

Kenya’s top bank announced new rules earlier in March to direct the nation’s licensing and regulation of digital lending providers. Two months later, the CBK formally reminded these lenders to apply for licensing because that would determine their ability to continue operating in the country.

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