Popular short videos platform TikTok has updated its terms and policies on branded content and has banned all content creators from promoting cryptocurrency, loans, credit cards, forex trading, and any type of investment services on the app
Get rich quick schemes have been centered around financial services and had become a common way to scam users online.
In Kenya, the rampant pop-up of pyramid schemes to defraud the public was being pushed by influencers who have a massive following, and the new terms will help stop this.
I have covered a bunch of the schemes that you should avoid here.
The move comes just after a recent push by TikTok to bolster financial education access on its platform. In June, the firm had announced a partnership with Citizen Advice, an independent U.K. organization specializing in confidential information and advice to assist people with legal, debt, consumer, housing and other problems, to add videos to the social media platform that focused specifically on making more informed financial decisions.
At the time, TikTok noted the pair-up was aimed at helping its users become more confident and alert to financial misinformation and offer them access to the right tools and channels to get good advice.