SECP has released an updated white list of approved digital lending platforms as of September 10, 2024. This list includes nine “Nano Lending Apps” and seven additional lending applications, aiming to regulate and enhance the reliability of digital financial services in Pakistan.
SECP’s white list features nine Nano Lending Apps, which are short-term loans known for their high interest rates and additional charges. The approved apps are JingleCred Digital Financial Services Limited under the name Paisayaar, Sight Finance Services (Pvt) Limited with Aitemaad, Walee Financial Services (Pvt) Limited offering Hakeem, Pakisnova Microfinance Company (Pvt) Limited known as Fauri Cash, and Goldlion Financial Private Limited operating as SmartQarza. Additionally, JazzCash Private Limited is listed with its JazzCash Android and IOS apps serving as digital lending tools, while Zanda Financials (Pvt) Limited offers Money Tap, VisionCred Financial Services (Pvt) Limited provides Pakcredit, and Finleap Financial Services (Private) Limited operates under the name Daira.
SECP advises users to approach Nano loans with caution, highlighting the importance of understanding the risks associated with high-interest and short-term loans. Consumers are urged to only take out loans they can comfortably repay within the agreed timeframe to avoid potential financial strain. The commission stresses the need to thoroughly review terms and conditions before committing to any loan, underscoring the priority of safeguarding financial well-being.
In addition to the Nano Lending Apps, SECP has approved seven other types of lending apps. These include Abhi Private LTD, which offers Earned Wage Access through its app available on both Google Play and the Apple App Store under the name Abhi – Your Salary Now! Tez Financial Services Limited provides Buy Now Pay Later options through ZoodPay and ZoodMall, also available on both major app stores. Cashew Financial Services Limited offers B2B financing through its Muawin app, while QistBazaar Pvt Limited provides Buy Now Pay Later services via its app named QistBazaar. CreditBook Financial Services Limited also caters to B2B financing with its Tijara app, Edufi Financial Services (Private Limited) offers Study Now Pay Later options through Edufi, and Taleem Finance Company Limited focuses on education finance with its Taleem Connect app.
SECP’s release of these approved apps is part of its ongoing effort to promote financial inclusion and protect consumers within the digital lending sector. By providing a vetted list of credible and transparent financial services, SECP aims to ensure a safer borrowing environment for the public. For more information about the approved apps and responsible borrowing practices, consumers are encouraged to visit SECP’s official website or reach out to their customer support for guidance.
