The Pakistan Telecommunication Authority (PTA) has swiftly responded to recommendations from the Securities and Exchange Commission of Pakistan (SECP), addressing 120 apps/loan lending platforms. Out of these, 111 have been successfully removed from the Google Play store, with ongoing efforts to eliminate the remaining apps.
Official documents from the Ministry of Information Technology and Telecommunication, acquired by ProPakistani, confirm that loan lending applications/platforms fall within the SECP’s regulatory jurisdiction under the Non-Banking Financial Companies Regulations 2008.
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In line with SECP recommendations, PTA has proactively initiated removal and blocking procedures against these platforms. Currently, 120 apps/loan lending platforms have been acted upon as advised by SECP, leading to the removal of 111 from the Google Play store. PTA continues efforts to tackle the remaining cases.
Further revelations from these documents highlight PTA’s creation of an exclusive electronic portal, the E-portal, catering to government entities such as Federal/Provincial Ministries and Law Enforcement Agencies (LEAs). SECP holds access to this portal for similar purposes.
Read more:SECP’s Ongoing Crackdown on Illegal Loan Apps
Additionally, PTA has utilized its social media platforms to caution the public against downloading unlicensed fraudulent loan lending applications not endorsed by the SECP.
In a concerted effort to raise awareness on this critical issue, PTA and SECP have joined forces to develop and execute awareness campaigns targeting illegal apps. A designated PTA focal person will collaborate closely with SECP to spearhead this initiative.
