SECP shares updated list of approved lending apps in Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has released an updated list of approved “Nano Lending Apps” and other lending platforms until September 10, 2024. The SECP has recognized nine Nano Lending Apps, which offer short-term loans with high interest rates and additional fees.

SECP has urged users to be cautious when applying for such loans, advising them to only borrow what they can comfortably repay. Over-borrowing could lead to financial difficulties, and customers should read the terms and conditions carefully before committing.

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Here are the SECP-approved Nano Lending Apps:

•  JingleCred Digital Financial Services Limited (Paisayaar)
• Sight Finance Services (Pvt) Limited (Aitemaad)
• Walee Financial Services (Pvt) Limited (Hakeem)
• Pakisnova Microfinance Company (Pvt) Limited (Fauri Cash)
• Goldlion Financial Private Limited (SmartQarza)
•  JazzCash Private Limited (JazzCash Android, JazzCash iOS)
•  Zanda Financials (Pvt) Limited (Money Tap)
•  VisionCred Financial Services (Pvt) Limited (Pakcredit)
•  Finleap Financial Services (Private) Limited (Daira)

In addition, the SECP has listed seven other approved lending apps, including platforms for earned wage access, buy now pay later, and education financing:

• Abhi Private LTD (Earned Wage Access)
•  Tez Financial Services Limited (Buy Now Pay Later) – ZoodPay
• Cashew Financial Services Limited (B2B Financing) – Muawin
• QistBazaar Pvt Limited (Buy Now Pay Later)
•  CreditBook Financial Services Limited (B2B Financing) – Tijara
• Edufi Financial Services (Private) Limited (Study Now Pay Later)
• Taleem Finance Company Limited (Education Finance) – Taleem Connect

The SECP advises users to borrow responsibly and ensure they can meet repayment terms to avoid financial hardship.