The Securities and Exchange Commission of Pakistan (SECP) has published a new whitelist of approved digital lending applications. This update follows Google’s revised policy for digital lending apps operating in Pakistan. The list is now available on the official SECP website. It aims to improve transparency and protect consumers from unregulated platforms.
Digital lending has grown rapidly in Pakistan. Many users rely on nano loans for short-term financial needs. However, these loans often carry high interest rates and extra charges. The SECP has once again urged borrowers to act responsibly. It advised users to fully understand loan terms before applying.
SECP Warns Borrowers About Risks of Nano Loans
According to the SECP, digital nano loans are usually short-term in nature. They often involve higher interest rates than traditional loans. Additional service charges may also apply. These factors can increase the repayment burden on borrowers.
The regulator stressed the risk of over-indebtedness. It advised borrowers to only take loans they can repay comfortably. Timely repayment helps avoid financial stress and penalties. The SECP also reminded users to carefully read terms and conditions. Hidden charges and strict recovery timelines can cause serious issues.
“Your financial well-being is our priority,” the SECP stated. The commission emphasized informed decision-making. Responsible borrowing remains a key message of the regulator.
Fourteen Digital Nano Lending Apps Approved by SECP
The updated whitelist includes 14 approved digital nano lending applications. The SECP has also shared the names of their parent non-banking finance companies (NBFCs). Official URLs and logos have been provided for user verification.
The approved apps are Paisayaar by JingleCred Digital Financial Services Limited, Aitemaad by 4Sight Finance Services, and Hakeem by Walee Financial Services. The list also includes Fauri Cash by Pakisnova Microfinance Company and SmartQarza by Goldlion Financial.
Other approved platforms are JazzCash Digital Lending Tool, available on Android and iOS, Money Tap by Zanda Financials, and PakCredit by VisionCred Financial Services. Daira by Finleap Financial Services and Loan Lado by Easy Finance are also included.
CashBazar by Bluesky Financial Services, Sahara by Awami Financials, PaisaGhar by Quark Financials Pakistan, and QarzMitra by Fintech Gharana Financial complete the list. Users can access these apps through links provided on the SECP website.
Separate Approval List for Other Lending Categories
The SECP has also released a separate list for other lending models. These include Earned Wage Access, Buy Now Pay Later, and B2B and B2C financing apps. A total of 11 apps fall under these categories.
Approved platforms include Abhi for Earned Wage Access and ZoodPay and ZoodMall by Tez Financial Services for BNPL. Other names are Muawin by Cashew Financial Services, QistBazaar, and Tijara by CreditBook Financial Services.
Education-focused platforms like Edufi and Taleem Connect are also approved. Additional apps include NeemPaymenow, Nova Finance, BaadMay, and Alif Shop. The SECP confirmed that users can access each app via the provided URLs.
