The SECP has warned the public to avoid any transactions with unapproved digital loan providers. According to reports, a number of apps are using the name of licensed non-banking finance companies. Licensed non-banking finance companies can issue an app only after obtaining SECP approval and, as yet, the SECP has not received any such requests from the providers of many of these loan apps. A list of licensed non-banking finance companies and digital lending apps can be obtained from the SECP website. People should verify the regulatory status of any prospective lender before engaging them in transactions. Furthermore, the law-enforcement agencies should take action against the operators of these unlicensed lending apps.
Ahsan Ul Haq Shaikh
Chunian