The Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued a whitelist of nine approved “Nano Lending Apps” and approved seven other lending apps up to September 10, 2024.
According to the new list issued by the SECP, digital nano loans are short-term loans with high interest rates and additional charges. Customers need 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 of any loan. Your financial well-being is our priority,” the SECP advised the general public.
As per the 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)
