February 4, 2022: The SECP licensed digital lending Non-Bank Finance Companies (NBFCs) made rapid progress and started to show disruption in Pakistan's lending landscape and are proving to be significant in furthering the journey of financial inclusion, a press release said today.
The SECP has licensed six fintech-enabled NBFCs, which have collectively reached out to 365,239 borrowers with the disbursement of over Rs6,139 million through 858,998 loans.
The average loans size of these digitally enabled NBFCs ranges from Rs1,000 to Rs80,000 depending upon the nature of business and target market of these entities.
All of these licenses have been issued during the last three years, to NBFCs that are engaged in digital lending using innovative fintech solutions. There is also a healthy pipeline of fresh applications for NBFC license from investors who intend to engage in fintech-based lending.
Newly licensed digital lending NBFCs include Finja Lending Services Limited, SeedCred Financial Services Limited, Qisstpay BNPL Limited, Tez Financial Services Limited, Cashew Financial Services Limited and CreditFix Financial Services Limited. These NBFCs are providing financial solutions to otherwise unserved and underserved through digital means and include Nano lending, Peer-to-Peer (P2P) Lending and Buy-Now-Pay-Later models, etc.
The SECP remained focused on regulatory reforms and ease of doing business to encourage innovative business models and promote financial inclusion.
