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.
SECP has warned the public about falling prey to unauthorized lending apps, namely "MoneyBox" and "MoneyClub." pic.twitter.com/r4oBXSqrWu
— SEC Pakistan (@SECPakistan) February 13, 2023
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.
Read Also: Pakistani economy will survive in 2023
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.
