In pursuance of Google’s updated policy for digital lending apps in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) on Monday published an updated whitelist of digital lending applications on its website.
According to the SECP, digital nano loans are short-term loans that carry high interest rates along with additional charges.
It is essential for borrowers to understand the potential risk of over-indebtedness. Borrow responsibly and only take loans that you 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,” the SECP added.
The SECP’s approved nano lending apps list revealed the names of 14 applications. The commission has specified the names of the non-banking finance companies (NBFCs), along with their URLs and logos.
The approved apps include: JingleCred Digital Financial Services Limited (Nano & BNPL) (Paisayaar); 4Sight Finance Services (Pvt) Limited (Nano & BNPL) (Aitemaad); Walee Financial Services (Pvt) Limited (Hakeem); Pakisnova Microfinance Company (Pvt) Limited (Fauri Cash); Goldlion Financial Private Limited (SmartQarza); JazzCash Private Limited (JazzCash Android and JazzCash iOS – Digital Lending Tool); Zanda Financials (Pvt) Limited (Money Tap); VisionCred Financial Services (Pvt) Limited (PakCredit); Finleap Financial Services (Private) Limited (Daira); Easy Finance (Private) Limited (Loan Lado); Bluesky Financial Services (Private) Limited (CashBazar); Awami Financials (Private) Limited (Sahara); Quark Financials Pakistan (Private) Limited (PaisaGhar); and Fintech Gharana Financial (Private) Limited (QarzMitra).
“Users can access the app by clicking on the ‘App Name’ URL,” the SECP said.
Separately, the SECP has issued a list of NBFCs approved for other lending apps, including Earned Wage Access (EWA), Buy Now Pay Later (BNPL), B2B and B2C financing.
The approved list of 11 other lending apps includes: Abhi Private Limited (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 and ZoodMall; Apple App Store: ZoodPay and 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); Neem Exponential Financial Services (Private) Limited (Earned Wage Access) (NeemPaymenow); Viva Finance (Private) Limited (Earned Wage Access) (Nova Finance); MG Financial Services Limited (Buy Now Pay Later) (BaadMay); and Alif Finance (Private) Limited (Buy Now Pay Later) (Alif Shop).
“Users can access the app by clicking on the ‘App Name’ URL,” the SECP added.
