The Securities and Exchange Commission of Pakistan (SECP) has released an updated list of nine approved “Nano Lending Apps” and seven other lending platforms, effective until September 10, 2024.
Nano loans, as described in the list by the SECP, are short-term loans with high interest rates and additional fees. SECP has cautioned users to fully understand the potential risk of over-indebtedness. Borrowers are advised to only take loans they can easily repay on time to avoid falling into financial trouble.
“Always read the terms and conditions carefully before availing any loan. Your financial well-being is our priority”, SECP advised the general public.
Following are the approved Nano Lending Apps as per SECP:
- Sight Finance Services (Pvt) Limited (Aitemaad)
- Pakisnova Microfinance Company (Pvt) Limited (Fauri Cash)
- JingleCred Digital Financial Services Limited (Paisayaar)
- Goldlion Financial Private Limited (SmartQarza)
- Walee Financial Services (Pvt) Limited (Hakeem)
- JazzCash Private Limited (JazzCash Android JazzCash IOS (Digital Lending Tool)
- Finleap Financial Services (Private) Limited (Daira)
- Zanda Financials (Pvt) Limited (Money Tap)
- VisionCred Financial Services (Pvt) Limited (Pakcredit)
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In addition to the Nano Lending Apps, SECP has also released a list of other approved lending platforms that include services like Earned Wage Access (EWA), Buy Now Pay Later (BNPL), and business-to-business or business-to-consumer financing (B2B/B2C):
- Tez Financial Services Limited (Buy Now Pay Later)-Google Play – ZoodPay & ZoodMall Apple App Store – ZoodPay & ZoodMall
- Abhi Private LTD (Earned Wage Access)-Google Play: Abhi – Your Salary Now! Apple App Store: Abhi – Your Salary Now!
- QistBazaar Pvt Limited (Buy Now Pay Later) (QistBazaar)
- Edufi Financial Services (Private Limited (Study Now Pay Later) (Edufi)
- Cashew Financial Services Limited (B2B Financing) (Muawin)
- CreditBook Financial Services Limited (B2B Financing) (Tijara)
- Taleem Finance Company Limited (Education Finance) (Taleem Connect)
