ISLAMABAD: In a significant move to protect the public from the hazards of illegal loan applications, the Securities and Exchange Commission of Pakistan (SECP) has managed to eliminate 120 unlawful loan apps from the internet that were previously available to be downloaded. For this purpose not only did the SECP collaborate closely with tech giants Google and Apple, but also with local authorities and regulators like the Pakistan Telecommunication Authority (PTA), FIA, SBP and NTISB.
As per details provided by the securities and exchange commission, the emergence of illegal personal loan apps in recent times has sparked concerns surrounding issues such as misleading sales practices, violations of data privacy, and aggressive recovery tactics. The commission has already been working tirelessly on the issue however some recent incidents and subsequent hue and cry on the social media have brought them back into the limelight.
Recognizing the gravity of the situation, the SECP not only reinforced its regulatory framework for licensed Non-Banking Finance Companies (NBFCs) but also undertook proactive measures in partnership with relevant authorities to shut down unauthorized and illegal loan apps. It is important to note here that nano and micro lending companies, fall under the purview of the Security and Exchange Commission, as NBFCs.
Employing a combination of vigilant monitoring and user complaints registered on the SECP’s dedicated complaint site, the regulatory body successfully identified and brought to attention 120 personal loan apps that were operating in violation of legal norms. Promptly, these findings were communicated to Google, Apple, and the PTA, leading to the immediate removal of these apps from the respective app stores.
Additionally, these cases were forwarded to the Federal Investigation Agency (FIA) for further legal action, in accordance with the Prevention of Electronic Crimes Act of 2016. The SECP maintains a regular and vigilant assessment of both the Google Play Store and the Apple App Store to detect any potential presence of illegal applications.
As a result of relentless efforts and continuous collaboration with stakeholders, Google has now implemented Pakistan’s Personal Loan App Policy. Under this policy, only SECP-approved Personal Loan Apps are permitted for listing on the Google Play Store. This development marks a significant stride towards ensuring the credibility and legality of personal loan apps available to users.
In a bid to educate and guide personal loan borrowers, the SECP strongly advises individuals to seek loans exclusively from licensed NBFCs. The regulatory framework for approved apps mandates transparent disclosure of essential information such as fees, loan duration, installment details, and additional charges.
To further enhance transparency and accountability, the SECP has initiated thorough inspections of licensed NBFCs that offer loans through apps. These inspections are conducted with the aim of verifying that these companies refrain from engaging in misleading sales practices, violating data privacy standards, or resorting to coercive recovery methods.
we don’t know which 120 applications . it’s much better if you show there’s name.
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Why is SECP allowing any loaning by private companies at the first place?
Ridiculous, either SECP is complicit or incompetent, the former appears to be the case.
sir mujy easy loan Waly tang kar rahy hain 9000 Qarz lia tha time limit extent karny k name par 6000. dy chuka hon lekan Abe be 13500 bake hy our roz us main 700 ka sood bara dety hain
Getting a loan in Pakistan used to be a difficult and time-consuming process. But thanks to the rise of Online loan apps, it’s now much easier to get the money you need quickly and easily.
Asal ma these loan apps are strongly encouraged to threaten innocent citizens and many of them hanged themselves due to their lose talking attitude and abusive language they used on phone calls.
I strongly like to say this that please stop this crime and let our people live.
otherwise wait for the people to combined and destroy this system.
thanks and regards.
نتالبیسش
عالی و دلنشین بود.
Thanks for sharing
informative