The Securities and Exchange Commission of Pakistan (SECP) issued a white list of approved nine “Nano Lending Apps” and seven other Lending Apps until September 10, 2024.
According to the new list issued by the SECP, the digital Nano loans are short-term loans with high interest rates and additional charges. The customer must understand the potential risk of over-indebtedness. Borrow responsibly and only take loans that customers can comfortably repay within the agreed timeframe to avoid financial difficulties.
“Always read the terms and conditions carefully before availing any loan. Your financial well-being is our priority”, SECP advised the general public.
As per SECP, the following are the 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 (Digital Lending Tool);
- Zanda Financials (Pvt) Limited (Money Tap);
- VisionCred Financial Services (Pvt) Limited (Pakcredit);
- Finleap Financial Services (Private) Limited (Daira);
The SECP has also issued a list of the approved – Other Lending Apps (i.e EWA, BNPL, B2B, B2C etc):
- Abhi Private LTD (Earned Wage Access)-Google Play: Abhi – Your Salary Now! Apple App Store: Abhi – Your Salary Now!;
- Tez Financial Services Limited (Buy Now Pay Later)-Google Play – ZoodPay & ZoodMall Apple App Store – ZoodPay & ZoodMall;
- Cashew Financial Services Limited (B2B Financing) (Muawin);
- QistBazaar Pvt Limited (Buy Now Pay Later) (QistBazaar);
- CreditBook Financial Services Limited (B2B Financing) (Tijara);
- Edufi Financial Services (Private Limited (Study Now Pay Later) (Edufi);
- Taleem Finance Company Limited (Education Finance) (Taleem Connect).
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My dear people, please dont ever go for these app for getting loans. Try to understand, they are here only to grab you and take you into their hands and get all the money from your pockets. It is better to get money from a friend or relative and give it back to them rather than getting money from this black market.
I will tell
wow Abhi made its way to the approved list. This can only happen in Pakistan. Poor SECP.