- Lending apps are especially popular in developing nations such as for instance 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 international crackdown on Android apps that provide short-term loans, saying it wished to protect customers from exactly exactly what it called “deceptive and exploitative” terms.
But five months later on, payday-style applications offering money that is fast one or a couple of weeks continue to be no problem finding in several nations on Bing Enjoy, the company’s marketplace for Android os 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 government that is little has effortlessly made Bing the arbiter of which apps customers can select. Continue reading “Bing ban does not stamp away short-term lending that is payday”