SECP has released a new white list of approved lending apps, which includes nine Nano Lending Apps and seven other lending platforms. This list will remain effective until September 10, 2024. Nano loans, characterized by their short-term nature and high interest rates, come with additional charges, making it essential for borrowers to understand the risks of over-indebtedness. The SECP advises customers to borrow responsibly and to carefully read the terms and conditions before taking out a loan, emphasizing that financial well-being is a priority.
Among the approved Nano Lending Apps are JingleCred Digital Financial Services Limited (Paisayaar), Sight Finance Services (Pvt) Limited (Aitemaad), and Walee Financial Services (Pvt) Limited (Hakeem), among others. Additionally, the SECP has approved several other lending platforms, including Abhi Private LTD, which offers earned wage access, and Tez Financial Services Limited, which provides buy now, pay later options.
The SECP’s latest initiative aims to enhance transparency and consumer protection in the digital lending sector, ensuring that users have access to regulated and trustworthy financial services.