The Securities and Exchange Commission of Pakistan (SECP) has warned the public to beware of the unauthorized lending apps.

According to a press release issued by the SECP, it has been observed that the apps are using the names of licensed Non-Banking Finance Companies to gain public confidence in offering lending services without any regulatory approval.

The SECP advises the public to only use authorized apps offered by entities licensed to operate in Pakistan. The SECP maintains a publicly available list of licensed nonbanking fiance companies and digital lending apps.

Complaints or evidence against companies involved in unauthorized activities and illegal lending can be sent to complainats@secp.gov.pk.

Source: Radio Pakistan