The unlawful lending apps in Pakistan were shut down as a result of the Securities and Exchange Commission of Pakistan’s (SECP) effective partnerships with Google, the Pakistan Telecommunication Authority (PTA), and the Federal Investigation Agency (FIA).
In its most recent annual report (2022-23), the SECP stated that it was giving special attention to complaints and regulatory loopholes related to digital lending apps.
The SECP’s effective partnerships with Google, the PTA, and the FIA led to the closure of illicit lending applications. In addition, guidelines for digital lending were put in place to ensure that Non-Banking Finance Companies (NBFCs) operated fairly. Furthermore, SECP revived “Jamapunji,” its investor education program, to educate the public about their rights as financial consumers.
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The SECP has prohibited licensed NBFCs from working with or integrating with digital lending applications that have not yet received SECP approval, in accordance with Circular No. 15 of 2022. The purpose of this policy is to provide regulatory monitoring, compliance, and transparency in the digital lending industry.
The PRDD-SCD has implemented a ban on licensed NBFCs working together or integrating with unapproved digital lending applications in order to protect the interests of stakeholders. According to SECP, the goal of this action is to guarantee regulatory compliance and supervision in the digital lending sector while fostering transparency and defending the interests of all parties involved.
The SECP and Google have worked together to create a Standard Operating Procedure that requires the Commission’s prior permission before granting access to lending applications on the Google Play Store. According to SECP, this step guarantees that consumers can access only digital lending services that have been certified.
Protecting the interests of consumers will be aided by the license papers tailored to each nation that digital lenders need to demonstrate in order to be approved to provide or arrange personal loans. Additionally, Google has blocked the availability of user contacts or images to personal loan applications aimed at Pakistani consumers. Under paragraph 6(1) of Circular No. 15 of 2022, the first two lending applications have been accepted in this regard during the year.
A complete set of digital lending guidelines was created by SECP in response to the growing number of complaints lodged against digital lending applications. This move was intended to guarantee equitable and fair business practices for lending NBFCs.
Additionally, in an effort to stop the proliferation of illicit apps, SECP and Google worked together to create a Standard Operating Procedure (White List). As a result, lending apps must now obtain SECP permission before being allowed to access the Google Play Store. According to the article, this action will stop unauthorized digital lending platforms from expanding throughout Pakistan.
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