In a recent move, the Pakistan Telecommunication Authority (PTA) has taken action against 120 lending apps/platforms based on the recommendations of the Securities and Exchange Commission of Pakistan (SECP). 111 of them have already been removed from the Google Play Store, while efforts to remove the rest of the apps are ongoing with Google.

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According to official documents of the Ministry of Information Technology and Telecommunications, the lending applications/platforms come under the governance of SACP, which operates under the Non-Banking Financial Companies Regulations, 2008.

PTA responds promptly to SECP's recommendations to remove and block such platforms. The authority has processed 120 such apps to date, out of which 111 have been successfully removed from the Google Play Store. Efforts are underway to coordinate with Google to remove the remaining apps.

The ministry documents also revealed that the PTA has introduced an electronic portal, the e-portal, specifically for government agencies, including federal/provincial ministries and law enforcement agencies. Access to this portal has been extended to the SECP for joint efforts in managing these issues.

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To raise awareness about the dangers associated with unlicensed loan applications, PTA has issued precautionary measures through various social media channels, urging the public to avoid downloading fake apps.

In a joint effort to strengthen awareness mechanisms, PTA and SECP have agreed to design and run a campaign to highlight the dangers of illegal apps. A designated focal person from the PTA will collaborate with the SECP for effective communication and coordination on the matter.