Islamabad, 14 February 2023 (GNP): The public has been cautioned by Pakistan’s Securities and Exchange Commission (SECP) on 13 February in Islamabad to be cautious of unapproved lending apps.
It has been noted, according to a press release from the SECP, that the applications are utilizing the names of authorized non-bank finance companies to reassure the public that they are giving loan services without receiving regulatory approval.
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The SECP recommends the general public to only use approved apps provided by organizations with operating permits in Pakistan. The SECP has a list of authorized nonbanking finance enterprises and mobile lending apps that is available to the public.
Send any complaints or supporting documentation to complainats@secp.gov.pk if you believe a company is engaging in illegal lending or unauthorized activity.