Google ban does not stamp away short-term payday lending apps

Google ban does not stamp away short-term payday lending apps

  • Lending apps are specially popular in developing countries such as for instance Nigeria, Asia and Kenya
  • The epicenter is Kenya, where an explosion in mobile financing and government that is little has made Bing the arbiter of which apps customers can decide

In August, Bing announced a crackdown that is global Android apps that provide short-term loans, saying it desired to protect customers from exactly exactly what it called “deceptive and exploitative” terms.

But five months later on, payday-style applications providing quick cash for one or fourteen days will always be no problem finding in several nations on Bing Enjoy, the company’s marketplace for Android apps. Some cost rates of interest that may surpass 200% annualized.

Lending apps are especially popular in developing countries such as for example Nigeria, Asia and Kenya, where thousands of people don’t have actually bank reports or charge cards but do have mobile phones. The epicenter is Kenya, where an explosion in mobile financing and little federal government oversight has efficiently made Google the arbiter of which apps customers can decide. Continue reading “Google ban does not stamp away short-term payday lending apps”