SECP asks public to beware of illegal non-banking financial companies
Securities and Exchange Commission of Pakistan has cautioned the
people against illegal non-banking financial companies (NBFCs).
The SECP in a public notice warned the public not to fall prey to unauthorized
lending apps, namely “MoneyBox” and “MoneyClub.”
The regulator observed that the apps are using the names of
licensed companies to gain public confidence in offering lending services
without any regulatory approval.
SECP said it had not granted any permission to its licensed NBFCs,
QistBazaar (Pvt) Limited and QistPay BNPL (Private) Limited, to launch the apps
namely “MoneyBox” and “MoneyClub,” respectively. This unauthorized activity
poses a serious threat to the public, as these apps have been operating without
regulatory approval.
The SECP has a publicly available list of licensed NBFCs and
digital lending apps that have its permission to offer lending services.
Complaints or evidence against companies involved in unauthorized
activities and illegal lending can be sent to complainats@secp.gov.pk.