SECP Issues Urgent Notice for Barwaqt and UdharPaisa Loan App Users in Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has issued a public notice outlining a court-supervised process for borrowers of the UdharPaisa and Barwaqt digital lending apps to settle outstanding loans and have their credit histories updated.

The notice follows orders of the Islamabad High Court, under which M/s. Microcred Financial Services Limited (UdharPaisa) and M/s. Seedcred Financial Services Limited (Barwaqt) are being managed through court-appointed liquidation oversight.

Advocate Syed Ishfaq Hussain Shah has been appointed as Official Liquidator for both companies through separate orders dated December 24, 2025.

Borrowers of both UdharPaisa (Microcred Financial Services Limited) and Barwaqt (Seedcred Financial Services Limited) can still settle outstanding loans and restore their credit records, but only through officially designated bank accounts and court-supervised procedures.

UdharPaisa Loans (Microcred Financial Services Limited)

Borrowers who obtained loans through the UdharPaisa loan app must settle their outstanding amounts under a formal process managed by the Official Liquidator of Microcred Financial Services Limited.

Official Payment Instructions

Borrowers are required to:

• Obtain credit reports from Tasdeeq Information Services Limited and DataCheck Limited
• Identify the higher outstanding amount reported
• Deposit the payment into the official Microcred account at Bank Makramah Limited

Bank Details

• Account Title: M/s. Microcred Financial Services Limited (In Liquidation)
• Account No: 0418586002000323
• IBAN: PK48BMLP0418586002000323
• Bank: Bank Makramah Limited, Pakistan

Payments are only accepted through bank branches. Mobile wallets, digital apps, and online transfers are not allowed.

Borrowers must complete deposit slips with CNIC, name, contact details, and purpose of payment, and keep a stamped receipt as proof.

After payment, the Official Liquidator will share updated information with credit bureaus within four weeks to reflect loan settlement in the borrower’s credit history.

Borrowers must also email supporting documents, including CNIC copy, deposit receipt, and credit reports, to: liquidatormicrocred@gmail.com.

Barwaqt Loans (Seedcred Financial Services Limited)

Borrowers of Barwaqt Loan app, operated by Seedcred Financial Services Limited, are also instructed to settle outstanding loans under a similar court-directed framework.

Official Payment Instructions

Borrowers must:

• Obtain credit reports from Tasdeeq Information Services Limited and DataCheck Limited
• Deposit the higher outstanding amount reported into the official Seedcred account

Bank Details

• Account Title: M/s. Seedcred Financial Services Limited (In Liquidation)
• Account No: 0418586002000321
• IBAN: PK05BMLP0418586002000321
• Bank: Bank Makramah Limited, Pakistan

All payments must be made at Bank Makramah Limited branches across Pakistan. Digital payments, mobile wallets, and online transfers are strictly not accepted.

Borrowers must correctly fill in deposit slips with personal details and retain stamped receipts as proof of payment.

After repayment, the Official Liquidator will submit updated settlement data to credit bureaus within four weeks for credit history updates related to Seedcred Financial Services Limited.

Borrowers must email their repayment details and documents to: liquidatorseedcred@gmail.com, including CNIC copy, deposit receipt, credit reports, and payment details.

Strict Warning

The notice emphasizes that no individual, agent, or third party is authorized to collect payments or handle assets on behalf of either company.

Only the Official Liquidator, operating under the supervision of the Islamabad High Court, is legally permitted to manage recoveries.

Payments made outside the designated accounts will not be recognized for credit clearance.