ISLAMABAD: The Security and Exchange Commission of Pakistan (SECP)’s permission to Non-Bank Microfinance Companies (NBMFCs) to reschedule their loan portfolio not only helped NBFCs to adjust their portfolio at risk but has also resulted in extending relief to 932,862 individuals and micro-enterprises who have borrowed over Rs17 billion from NBMFCs.
Out of the 932.862 borrowers, 796,893 were facilitated through deferment of principal repayments of over Rs13.1 billion by six NBMFCs, while 135,969 borrowers benefited through rescheduling of loans.
On March 31, the SECP, in order to provide relief to people from the adverse economic effects of the Covid-19 pandemic, had relaxed the regulatory requirements for the non-bank finance sector allowing them to defer or reschedule loan repayments to their borrowers.
The SECP had also urged the NBMFCs to adopt a considerate approach to accommodate the borrowers who belong to underprivileged segments of the society. The SECP had also allowed NBMFCs to accept borrowers requests made through electronic means or phone calls.