Authorities have been cracking down on unlawful microloan apps in recent months. In this regard, the Pakistan Telecommunication Authority (PTA) has reviewed 120 loan applications for blocking on the recommendation of the Securities and Exchange Commission of Pakistan (SECP). Out of the overall amount, 111 apps have been removed from the Google Play Store, while the remaining 9 are being sought for removal by the PTA.
According to the insider, PTA has also created a sophisticated computerized gateway. The e-portal is only intended for use by government agencies. These include Federal and Provincial Ministries, Law Enforcement Agencies (LEAs), and others, and the SECP has also been granted access for the same purpose.
Google Play Store Removes 111 Fraudulent Micro Loan Apps
The PTA has also cautioned the public to avoid installing illegal micro-lending apps that are not licensed by the SECP through its numerous social media channels.
Furthermore, the PTA and SECP have agreed to design and operate awareness campaigns about illegal apps cooperatively, and a PTA focal person has been chosen to liaise with the SECP for this reason.
Also Read SECP Removed 120 Illegal Loan Apps from Google Play
It is also worth noting that the SECP regulates loan lending apps under the Non-Banking Financial Companies Regulations 2008. Furthermore, the PTA takes action against such platforms when SECP recommends it.
