The commission has identified 75 online apps that are scams including Asaan Qarza, which the SECP is hoping to crack down on. “Apps not included in the list are illegal,” Musarat Jabeen, the chief spokesperson of the SECP, told Geo Fact Check via email, “Public is advised not to deal with illegal apps.” These apps are registered with SECP as non-banking financial companies, under the Companies Act, 1956. The financial regulatory authority told Geo Fact Check that only 10 micro-credit apps are legit which include Finja, Muawin, Credit Per, Easy PK Loan, Zoodpay & ZoodMall, Qisstpay CreditCat RazCash, Abhi, Barwaqt, Udhar-Paisa and Zaroorat Cash. Once these applications are downloaded, they get access to the personal data of the user. Those who download these apps give access to their phone data including their picture gallery and contact list. These applications claim to offer people easy loans at low-interest rates.
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