Regulatory Alerts2024-03-18
Added · Updated
Circular 8 of 2024 – Guidelines for NBFCs Engaged in Digital Lending
The Securities and Exchange Commission of Pakistan mandates that Non-Banking Finance Companies engaged in digital lending ensure all advertisements are restricted to apps on the SECP whitelist and include prominent disclosures of loan ranges, tenors, and APRs. The guidelines prohibit misleading claims, discriminatory content, and marketing to underage consumers, while requiring specific responsible borrowing messages in all promotional materials. Additionally, NBFCs must implement strict call center management protocols, including Board-approved SOPs, prohibition of aggressive collection techniques, and mandatory data confidentiality measures for all in-house and outsourced agents.