ISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) has warned the public of falling prey to unauthorised lending apps, namely “MoneyBox” and “MoneyClub”. The SECP has observed that the apps are using the names of licenced Non-Banking Finance Companies (NBFCs) to gain public confidence in offering lending services without any regulatory approval. The SECP has not granted any permission to its licenced NBFCs, QistBazaar (Pvt) Limited and QistPay BNPL (Private) Limited, 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 SECP’s permission to offer lending services.
Virgin Atlantic suspends services to Pakistan
The public is encouraged to verify the regulatory status of any NBFC and its authorised app before transacting any business with a lending entity. The SECP is acting to protect consumers and promote fairness and transparency in the financial services industry. It is notifying law enforcement agencies to take legal action against the operators of these apps. The SECP advises the public to only use authorised apps offered by entities licenced to operate in Pakistan. Complaints or evidence against companies involved in unauthorised activities and illegal lending can be sent to
[email protected].