The applications were disabled because they gave users inaccurate information.
Islamabad: Securities and Exchange Commission of Pakistan (SECP) has blocked more 120 online loan applications in Pakistan on Wednesday.
According to details the SECP, along with Google and PTA, prohibited 120 online illicit loan apps from the Play Store.
The applications were disabled because they gave users inaccurate information.
Additionally, complaints about these apps' privacy practices and money-recovery procedures have been filed.
The SECP stated that the regulatory framework for licensed Non-Banking Finance Companies has been tightened and the Federal Investigation Authority (FIA) was also approached for action against those behind these illegal loan apps.
Additionally, Google has implemented a new loan app policy that restricts Play Store placement to SECP-approved loan apps only.
Dollar surges as forex markets struggle amid IMF delays, economic pressures
- 44 minutes ago
SBP clarifies regarding issuance of new currency notes on Eid
- 4 hours ago
Bangladesh’s 2025 tour of Pakistan confirmed for white-ball series
- 4 hours ago
Saudi authorities arrest 50 people, including 11 women, for prostitution charges
- 4 hours ago
Jaffar Express resumes operations after terrorist attack
- 3 hours ago
JI chief offers help for Afghanistan talks, slams govt’s approach to national security
- 3 hours ago
KP govt allocates Rs5.5bn for police counter-terrorism equipment
- 4 hours ago
Mustafa Amir murder case: Father and son clash in court during case hearing
- 2 hours ago
Nagpur riots: Hindu extremist group demands destruction of Aurangzeb's tomb
- 3 hours ago
Gold prices hit historic highs amid global economic concerns
- 3 hours ago
Pakistan vows full force against terrorism in recent security meeting
- 24 minutes ago
Eid u-Fitr holidays announced in UAE
- 5 hours ago
