![]() ![]() “In order to control the menace of illegal lending apps, SECP has liaised with local regulators such as PTA, FIA, and SBP besides Google and Apple,” Jabeen added, “In January and February, 75 unauthorised apps were reported to Google and Apple for removal from their app stores. The Security and Exchange Commission of Pakistan (SECP) has identified 75 online lending applications which are scams, till now.Īsaan Qarza is among the list of the credit apps that SECP is hoping to crack down on. “Apps not included in the list are illegal,” Musarat Jabeen, the chief spokesperson of the SECP, told Geo Fact Check via email, “Public is advised not to deal with illegal apps.” The ten apps are namely, Finja, Muawin, Credit Per, Easy PK Loan, Zoodpay & ZoodMall, Qisstpay CreditCat RazCash, Abhi, Barwaqt, Udhar-Paisa and Zaroorat Cash. The Security and Exchange Commission of Pakistan (SECP), the financial regulatory authority, has told Geo Fact Check that there are only ten micro-credit apps which are legit, therefore registered with the Commission as non-banking financial companies, under the Companies Act, 1956. ![]()
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