Google Play Store Removes 111 Fraudulent Micro Loan Apps on PTA’s Request

In the last few months, authorities have been taking action against illegal microloan apps. In this regard, on the recommendations of the Securities and Exchange Commission of Pakistan (SECP), the Pakistan Telecommunication Authority (PTA) has processed 120 loan applications for blocking. Out of the total number, 111 apps have been deleted from the Google Play Store, whereas the remaining 9 apps are being pursued by PTA for removal.

Furthermore, as per the source, PTA has developed a sophisticated electronic portal. The e-portal is solely designed for government organizations. These include the Federal and Provincial Ministries, Law Enforcement Agencies (LEAs), etc., and access has also been rendered to the SECP for the same purpose.

The PTA has also warned the general public via its numerous social media accounts to refrain from downloading unlawful micro-lending apps that are not licensed by the SECP.

Besides, the PTA and SECP have also agreed to collaboratively design and run awareness campaigns concerning illegal apps, and for this purpose, a focal person from the PTA has also been appointed to interact with the SECP.

It is also pertinent to mention here the SECP controls that loan lending apps under the Non-Banking Financial Companies Regulations 2008. Moreover, the PTA takes action against such platforms as and when recommended by SECP.

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