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The Securities and Exchange Commission of Pakistan (SECP) has taken a significant step towards regulating digital lending in the country. Recently, the SECP approved 16 digital lending platforms, including 9 nano lending apps and 7 other lending apps. This move aims to promote safe and responsible borrowing practices among consumers.
Understanding Digital Nano Loans and Their Risks
Digital nano loans offer short-term financing with high-interest rates and additional fees. While these loans can provide quick access to cash, they also pose a risk of over-indebtedness if not managed responsibly. Consumers must understand the terms and conditions of these loans and ensure they can repay them within the agreed timeframe to avoid financial difficulties.
Read Also: Ministry of Finance Introduces Major Amendments to Pension Scheme
Approved Nano Lending Apps by SECP
The following nano lending apps have been approved by SECP:
1. JingleCred Digital Financial Services Limited (Paisayaar)
2. Sight Finance Services (Pvt) Limited (Aitemaad)
3. Walee Financial Services (Pvt) Limited (Hakeem)
4. Pakisnova Microfinance Company (Pvt) Limited (Fauri Cash)
5. Goldlion Financial Private Limited (SmartQarza)
6. JazzCash Private Limited (JazzCash Android and IOS)
7. Zanda Financials (Pvt) Limited (Money Tap)
8. VisionCred Financial Services (Pvt) Limited (Pakcredit)
9. Finleap Financial Services (Private) Limited (Daira)
Other Approved Lending Apps by SECP
In addition to nano lending apps, SECP has also approved the following lending apps:
1. Abhi Private LTD (Earned Wage Access)
2. Tez Financial Services Limited (Buy Now Pay Later)
3. Cashew Financial Services Limited (B2B Financing)
4. QistBazaar Pvt Limited (Buy Now Pay Later)
5. CreditBook Financial Services Limited (B2B Financing)
6. Edufi Financial Services (Private Limited) (Study Now Pay Later)
7. Taleem Finance Company Limited (Education Finance)
Conclusion:
The approval of digital lending platforms by SECP is a positive step towards promoting financial inclusion and responsible borrowing practices in Pakistan. Consumers must remain cautious and understand the risks associated with digital lending. By borrowing responsibly and repaying loans on time, consumers can avoid financial difficulties and make the most of digital lending opportunities.