The digital lending companies have approximately disbursed over Rs. 33 billion in loans to more than 2.5 million borrowers through nano lending, Buy-Now-Pay-Later (BNPL), and Pay Day loans to the salaried class during 2021-22.
The Securities and Exchange Commission of Pakistan (SECP) data on digital lending companies revealed these newly licensed NBFCs include five tech-enabled digital lenders with varied business models i.e. instant nano lending, Buy-Now-Pay-Later (BNPL), and Pay Day loans to salaried class.
Using financial technology and artificial intelligence, these Non-Banking Financial Companies (NBFCs) shall offer enhanced customer experience and customized products leading to financial inclusion of the underserved and unserved population. During 2021-22, the digital lending NBFCs have approximately disbursed over Rs 33 Billion in loans to more than 2.5 million borrowers, stated SECP in its report.
Moreover, the SECP has allowed a licensed NBFC to operate the P2P Lending Platform on a commercial basis for the first time after its successful testing under the regulatory sandbox.
The platform has successfully started its operations on a commercial basis and is connecting small enterprises to lenders, thereby contributing towards the achievement of the financial inclusion objective, SECP added.
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