The Pakistan Telecommunication Authority (PTA) has taken action against 120 loan lending apps/platforms based on Securities and Exchange Commission of Pakistan (SECP) recommendations. Of these, 111 have been removed from the Google Play store, while efforts are underway to pursue the removal of the remaining apps with Google. The SECP regulates these applications under Non-Banking Financial Companies Regulations 2008.
Official documents from the Ministry of Information Technology and Telecommunication reveal that Pakistan Tellecommunications Authority acts on SECP recommendations for removal/blocking of such platforms. PTA has developed an electronic portal, the E-portal, exclusively for government organizations, including the SECP, to facilitate this process.
In addition, Pakistan Tellecommunications Authority has warned the public against downloading unlicensed loan lending apps through its social media accounts. To enhance awareness, PTA and SECP have agreed to collaborate on designing and running campaigns to inform the public about illegal apps, with a designated focal person from PTA for interaction with the SECP.
