Has anyone at this point realized that post-GDPR (General Data Protection Regulation), mobile lending apps like Tala and Branch wouldn’t survive in Europe?
I think this made a strong case why they launched in African countries where we can’t expect such regulation to be a challenge.
I try imagine the kind of data these apps collect on you, including very private data of social media (Facebook for Branch), private messages and all the things you do with your phone if the app is installed. Then remember that if you ask them to close your account upon leaving their service they ask you to uninstall the app, that’s it (I did that sometime back when I was leaving Branch).
Meaning that even when you leave their services, they keep your data and don’t even keep this fact from you. On top of the cycle mobile lending apps will put you in of borrowing to pay and then borrowing, they will keep all that private information with them when you leave.