ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the public about falling prey to unauthorised lending apps — MoneyBox and MoneyClub.

The SECP on Monday observed that these apps were using the names of licenced non-banking fin­ance companies (NBFCs) to gain public confidence in offering lending services without any regulatory approval.

The regulator has not granted any permission to its licenced NBFCs, QistBazaar (Pvt) Ltd and QistPay BNPL (Pvt) Ltd, to launch the apps namely MoneyBox and MoneyClub, respectively.

This unauthorised activi­ty poses a serious threat to the public as these apps have been operating without regulatory appro­val. The SECP maintains a publicly available list of licenced NBFCs and digital lending apps that have the regulator’s permission to offer lending services.

The public is encouraged to verify the regulatory status of any NBFC and its authorised app before transacting any business with a lending entity.

Published in Dawn, February 14th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Economic plan?
Updated 15 Dec, 2024

Economic plan?

So long as the government does not realise that it needs to put its own house in order, growth will remain anaemic and the world will be reluctant to help.
Registration tussle
15 Dec, 2024

Registration tussle

MAULANA Fazlur Rehman appears to be having trouble digesting the fact that he was taken for a ride. The government,...
Dangerous overreach
15 Dec, 2024

Dangerous overreach

THE latest wave of arrests and cases filed against journalists and social media users under Peca marks an alarming...
Half measures
Updated 14 Dec, 2024

Half measures

The question remains: Were suspects' prolonged detention, subsequent trial, and punishments ever legal in eyes of the law?
Engaging with Kabul
14 Dec, 2024

Engaging with Kabul

WHILE relations with the Afghan Taliban have been testy of late, mainly because of the feeling in Islamabad that the...
Truant ministers
Updated 14 Dec, 2024

Truant ministers

LAWMAKERS from both the opposition and treasury benches have been up in arms about what they see as cabinet...