The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines to NBFCs involved in digital lending to ensure best practices in advertisements and call center management. The guidelines are designed to prioritize borrower protection and to prevent deceptive marketing and unethical call center practices.
Non-banking financial companies (NBFCs) licensed by the SECP are extensively promote their loans products through various social media platforms. Digital lending NBFCs are dependent on call center infrastructure, whether owned or outsourced, to conduct verification, manage recovery collection and provide customer services. Consequently, call centers have become an integral aspect of their business operations.
The SECP recognizes the need for responsible and ethical marketing practices and call center operations. Responsible and ethical behavior necessitates that NBFCs use transparency and honesty in their advertising, and that they make these standards a requirement for their call centers. The guidelines will aid NBFCs in adopting best practices in advertising and call center management while ensuring borrower safeguards.
All NBFCs, involved in digital lending must adhere to these guidelines for marketing through various channels. This includes influencers and content creators, and call center services, both in-house and outsourced. These guidelines are available at SECP’s website.
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