ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has released a list of approved digital lending apps, cautioning borrowers about the risks of high interest rates and over-indebtedness.
The SECP warns that digital nano loans are short-term loans with high interest rates and additional charges, emphasizing the importance of responsible borrowing.
As of September 2024, nine “Nano Lending Apps” and seven other lending apps have been whitelisted by SECP.
Whitelisted Nano Lending Apps
- JingleCred Digital Financial Services Limited (Paisayaar).
- Sight Finance Services (Pvt) Limited (Aitemaad).
- Walee Financial Services (Pvt) Limited (Hakeem).
- Pakisnova Microfinance Company (Pvt) Limited (Fauri Cash).
- Goldlion Financial Private Limited (SmartQarza).
- JazzCash Private Limited (JazzCash Android JazzCash IOS (Digital Lending Tool).
- Zanda Financials (Pvt) Limited (Money Tap).
- VisionCred Financial Services (Pvt) Limited (Pakcredit).
- Finleap Financial Services (Private) Limited (Daira).
Borrowers are advised to carefully read terms and conditions, understand the potential risks, and only take loans that can be comfortably repaid within the agreed timeframe to avoid financial difficulties.
Other Approved Lending Apps
- Abhi Private LTD (Earned Wage Access)-Google Play: Abhi – Your Salary Now! Apple App Store: Abhi – Your Salary Now!.
- Tez Financial Services Limited (Buy Now Pay Later)-Google Play – ZoodPay & ZoodMall Apple App Store – ZoodPay & ZoodMall.
- Cashew Financial Services Limited (B2B Financing) (Muawin).
- QistBazaar Pvt Limited (Buy Now Pay Later) (QistBazaar).
- CreditBook Financial Services Limited (B2B Financing) (Tijara).
- Edufi Financial Services (Private Limited (Study Now Pay Later) (Edufi).
- Taleem Finance Company Limited (Education Finance) (Taleem Connect).
The SECP prioritizes the financial well-being of the public and encourages caution when using digital lending services.
By approving these apps, the SECP aims to promote transparency and accountability in the digital lending industry.
