The Securities and Exchange Commission of Pakistan (SECP), in collaboration with Google, Apple, and the Pakistan Telecommunication Authority (PTA), has effectively eliminated 120 illicit lending applications from Google Play and Apple’s App Store. The objective of this measure is to safeguard the general population from potential exploitation by unscrupulous loan schemes that may result in financial hardship.
The Securities and Exchange Commission of Pakistan (SECP) implemented this measure in response to the proliferation of illicit personal loan applications, which had raised concerns regarding issues such as misrepresentation, breaches of data privacy, and coercive debt recovery practices. In response to this matter, the Securities and Exchange Commission of Pakistan (SECP) implemented more stringent laws pertaining to licensed non-banking finance firms (NBFCs). Additionally, it engaged in collaboration with pertinent authorities in order to proactively implement measures aimed at the cessation of unauthorized and illegitimate loan applications.
SECP Removed 120 Illegal Loan Apps from Google Play
By employing efficient monitoring techniques and analyzing complaints received through the specialized complaint platform of the Securities and Exchange Commission of Pakistan (SECP), the regulatory body successfully identified a total of 120 personal loan applications that were operating without proper authorization. In addition, they informed Google, Apple, and the Parent-Teacher Association (PTA) to implement measures to prevent access to these entities. Furthermore, these instances were subsequently forwarded to the Federal Investigation Agency (FIA) for further action in accordance with the provisions outlined in the Prevention of Electronic Crimes Act of 2016. The Securities and Exchange Commission of Pakistan (SECP) consistently performs regular evaluations of the Google Play Store and Apple App Store in order to detect and resolve any unauthorized applications.
The implementation of Pakistan’s Personal Loan App Policy has been carried out by Google. This policy aims to provide a framework wherein only personal loan applications recognized by the Securities and Exchange Commission of Pakistan (SECP) are permitted for distribution on the Google Play Store.
The Securities and Exchange Commission of Pakistan (SECP) has underscored the importance of individuals only approaching licensed Non-Banking Financial Companies (NBFCs) for the purpose of obtaining personal loans. Apps that have been authorized by the Securities and Exchange Commission of Pakistan (SECP) are required to include comprehensive details regarding fees, loan conditions, installment schedules, and other costs. The Securities and Exchange Commission of Pakistan (SECP) has initiated an examination of licensed Non-Banking Financial Companies (NBFCs) that provide loans using mobile applications. This examination aims to guarantee that these entities comply with ethical standards, thereby preventing instances of misrepresentation, breaches of data privacy, and coercive methods of loan recovery.
The Securities and Exchange Commission of Pakistan (SECP) actively promotes and encourages members of the public to submit complaints against licensed Non-Banking Financial Companies (NBFCs) through the dedicated complaint site provided by the SECP. Furthermore, it is possible for anyone to submit reports regarding illicit loan applications or investment schemes through the complaint portal provided by the Securities and Exchange Commission of Pakistan (SECP).
