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Bing ban doesn’t stamp down short-term payday lending apps

Bing ban doesn’t stamp down short-term payday lending apps

  • Lending apps are specially popular in developing countries such as for example Nigeria, Asia and Kenya
  • The epicenter is Kenya, where an explosion in mobile financing and small federal government oversight has made Bing the arbiter of which apps customers can select

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

But five months later on, payday-style applications providing money that is fast one or fourteen days are nevertheless simple to find in a lot of nations on Google Play, the company’s marketplace for Android os apps. Some cost rates of interest that may surpass 200% annualized.

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