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

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

  • Lending apps are especially 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 decide

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

But five months later on, payday-style applications providing quick money for one or fourteen days remain no problem finding in many nations on Bing Play, the company’s marketplace for Android os apps. Some fee interest levels that may meet or exceed 200% annualized.

Lending apps are specially popular in developing countries such as for instance Nigeria, Asia and Kenya, where huge numbers of people don’t have bank reports or charge cards but do have mobile phones. The epicenter is Kenya, where an explosion in mobile lending and small government oversight has effortlessly made Bing the arbiter of which apps customers can select.