Continue reading on DataGuidance with:
Free Member
Limited ArticlesCreate an account to continue accessing select articles, resources, and guidance notes.
Already have an account? Log in
Create an account
Join our community for free to access exclusive whitepapers, reports, and regulatory information.
08 August 2023
Pakistan: SECP issues measures to curb predatory lending in digital nano lending sector
On August 7, 2023, the Securities and Exchange Commission (SECP) issued its Circular 10 of 2023, to strengthen measures to prevent predatory lending in the digital nano lending sector.
More specifically, and in order to ensure cybersecurity and the protection of sensitive data of borrowers, the SECP noted that:
- personal loan apps should obtain a certificate from a Pakistan Telecommunication Authority-approved Category 1 Cyber Security Audit Firm (CSAF);
- loan apps are obligated to display a pop-up alert, prior to sign-ups, in accordance with directives from the SECP to inform users about the terms, conditions, and potential ramifications of borrowing; and
- loan apps are mandated to have an in-app calculator for accurate loan repayment computations and associated charges.
Choose Your Billing
Monthly Annually
Select Your Currency
Send us your Feedback!
Please let us know what you think of DataGuidance! It will only take 60 seconds and help us make the site better for you.
