The Securities and Exchange Commission of Pakistan (SECP) has issued a public notice informing users of the UdharPaisa and Barwaqt digital lending platforms about an official court-supervised mechanism to settle outstanding loans and update credit histories.
The notice has been issued in line with directives of the Islamabad High Court, under which M/s. Microcred Financial Services Limited (associated with UdharPaisa) and M/s. Seedcred Financial Services Limited (associated with Barwaqt) are being managed under judicial oversight. Advocate Syed Ishfaq Hussain Shah has been appointed as Official Liquidator through separate court orders dated December 24, 2025.
UdharPaisa Borrowers (Microcred Financial Services Limited)
Individuals who obtained loans via UdharPaisa – Safe & Reliable Loan are required to clear their dues through a structured settlement process administered under court supervision.
Repayment Procedure
Borrowers must:
- Retrieve credit reports from Tasdeeq Information Services Limited and DataCheck Limited
- Confirm the higher outstanding amount recorded in their credit data
- Deposit the amount only into the designated bank account of Microcred Financial Services Limited at Bank Makramah Limited
Official Bank Details:
- Account Title: M/s. Microcred Financial Services Limited (In Liquidation)
- Account Number: 0418586002000323
- IBAN: PK48BMLP0418586002000323
- Bank: Bank Makramah Limited
Payments are restricted to bank branch deposits only. Digital wallets, mobile apps, and online transfers are not accepted.
Borrowers must complete deposit slips with accurate personal details and retain the stamped receipt as proof of payment.
After settlement, the Official Liquidator will coordinate with credit bureaus within four weeks to update borrower credit records.
Supporting documents must also be emailed to the liquidator, including CNIC copy, deposit receipt, and credit reports.
Barwaqt Borrowers (Seedcred Financial Services Limited)
Users of Barwaqt – Loan Money Cash, operated by Seedcred Financial Services Limited, are similarly required to settle outstanding balances under a parallel court-managed process.
Repayment Procedure
Borrowers must:
- Obtain credit reports from the same authorized credit bureaus
- Pay the higher outstanding amount reflected in their credit records
- Deposit funds into the official Seedcred account at Bank Makramah Limited
Official Bank Details:
- Account Title: M/s. Seedcred Financial Services Limited (In Liquidation)
- Account Number: 0418586002000321
- IBAN: PK05BMLP0418586002000321
- Bank: Bank Makramah Limited
All payments must be made through physical bank branches. No digital or third-party payment channels are permitted.
Borrowers are required to maintain proper deposit documentation and follow up with the liquidator via email at liquidatorseedcred@gmail.com, attaching CNIC, payment proof, and credit reports.
Strict Compliance Warning
The notice clearly states that only the Official Liquidator, operating under supervision of the Islamabad High Court, is authorized to collect or process repayments. Any payment made to unauthorized persons or accounts will not be accepted for credit record adjustment.
