SECP bans lending Apps, it has imposed restrictions on deducting upfront charges from the lending amount. The lending Apps were banned from operating on different apps on Google Play Store. They can launch different products and schemes under one Master App, as advised by SECP. The lending Apps that are already running on different apps have been asked to develop one Master App & close all other apps within 90 days. The companies are also required to maintain the confidentiality of user data and provide audit reports from a PTA-approved IT security audit firm. Digital lenders are also required to display their full corporate name on their mobile apps.
