Over 2.5 million borrowers received loans from the digital lending companies through nanolending, Buy-Now-Pay-Later (BNPL), and Pay Day loans to the salaried class between 2021 and 2022, totaling approximately Rs. 33 billion.
These newly licensed NBFCs include five tech-enabled digital lenders with a variety of business models, such as instant nano lending, buy-now-pay-later (BNPL), and pay day loans to the salaried class, according to data on digital lending companies compiled by the Securities and Exchange Commission of Pakistan (SECP).
These Non-Banking Financial Companies (NBFCs) will provide improved customer experiences and tailored products that will help the underserved and unserved population become financially included by utilizing financial technology and artificial intelligence. According to SECP’s report, the digital lending NBFCs disbursed roughly over Rs 33 billion in loans to more than 2.5 million borrowers during 2021–2022.
Additionally, the SECP approved the first commercial use of the P2P Lending Platform after it was successfully tested in the regulatory sandbox by a licensed NBFC.
According to SECP, the platform has successfully launched its commercial operations and is introducing small businesses to lenders, advancing the goal of financial inclusion.