SECP Issues Alert for Barwaqt and UdharPaisa Loan App Users

The Securities and Exchange Commission of Pakistan (SECP) has issued an important public notice for users of the Barwaqt and UdharPaisa loan apps. Borrowers who still have outstanding loans are now required to follow a court-supervised repayment process to clear their dues and restore their credit history officially.

This update comes after orders from the Islamabad High Court regarding the liquidation management of the companies operating these digital lending platforms. The announcement is especially important for borrowers whose names may still appear as defaulters in credit bureau records.

Why SECP Issued This Public Notice

The SECP issued the notice to protect borrowers from fraud and ensure all pending loan settlements are handled legally through official channels. Many borrowers were reportedly confused about where to pay their dues after legal proceedings involving the lending companies.

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Under court orders dated December 24, 2025, Advocate Syed Ishfaq Hussain Shah was appointed as the Official Liquidator for both companies. He is now responsible for managing recoveries, settlements, and updates related to borrowers’ credit records.

Companies Included in the SECP Notice

The notice applies to two major digital loan companies operating in Pakistan:

Borrowers of both apps must now follow separate but officially approved repayment procedures to settle their loans.

UdharPaisa Loan Settlement Process

Users who borrowed money through the UdharPaisa app must complete the repayment process through the designated liquidation account. The process is designed to ensure that borrowers receive proper clearance in their credit reports.

Before making payment, borrowers must first obtain their credit reports from Tasdeeq Information Services Limited and DataCheck Limited. The higher outstanding amount shown in the reports must be paid.

Official Bank Details for UdharPaisa

Only physical branch deposits are accepted. Online transfers, Easypaisa, JazzCash, or mobile wallet payments are not allowed.

Documents Required After Payment

Borrowers must email the following documents after repayment:

• CNIC copy
• Stamped bank deposit receipt
• Credit reports
• Contact details
• Purpose of payment

After verification, updated settlement information will reportedly be shared with credit bureaus within four weeks.

Barwaqt Loan Settlement Procedure

Borrowers using the Barwaqt loan app must also follow a similar repayment process under court supervision. The purpose is to officially clear pending dues and correct borrower credit records.

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Just like UdharPaisa users, Barwaqt borrowers must first check their outstanding loan amount through Tasdeeq and DataCheck credit reports before depositing payment.

Official Bank Details for Barwaqt

Borrowers must visit a Bank Makramah Limited branch for payment because digital transfer methods are not accepted under the court-approved process. Barwaqt and UdharPaisa Loan App

Documents Required for Barwaqt Settlement

After repayment, borrowers must email:

• CNIC copy
• Credit reports
• Deposit receipt
• Payment information

Once verified, the Official Liquidator will update settlement records with the credit bureaus.

Important Warning Issued by SECP

The SECP has clearly warned borrowers not to deal with agents, recovery staff, or unauthorized third parties claiming to collect loan payments. Only the Official Liquidator appointed under the Islamabad High Court has legal authority to manage recoveries.

Borrowers should remember these important points:

• Never send money to personal accounts
• Do not trust unofficial recovery agents
• Always deposit payment into the official bank account
• Keep stamped receipts safely
• Avoid online transfer methods
• Verify payment details carefully before depositing

Payments made through unofficial methods may not be accepted for credit clearance.

Why Updating Credit History Is Important

Many borrowers ignore digital loan settlements without realizing the long-term impact on their financial records. Unpaid loans can negatively affect a person’s credit score and may create problems while applying for future loans, financing, or banking services.

By completing the official settlement process, borrowers can:

• Improve their credit history
• Remove default-related issues
• Maintain eligibility for future financing
• Avoid legal complications
• Keep financial records updated

This is especially important for individuals planning to apply for banking products or installment-based services later. Barwaqt and UdharPaisa Loan App

Common Mistakes Borrowers Should Avoid

Some borrowers may accidentally delay their settlement due to incomplete documentation or incorrect payment methods. Even small mistakes can slow down the credit update process.

Here are some common mistakes to avoid:

• Paying through mobile wallets or apps
• Depositing incorrect loan amounts
• Forgetting to email proof documents
• Not checking both credit reports
• Losing stamped bank receipts
• Sharing sensitive information with unauthorized people

Carefully following the official process can help borrowers avoid unnecessary problems.

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Final Thoughts

The latest SECP notice is an important development for Barwaqt and UdharPaisa users across Pakistan. Borrowers now have a clear legal process to settle outstanding loans and restore their credit records under court supervision.

Anyone with pending dues should act carefully, follow only official instructions, and avoid dealing with unauthorized agents or payment channels. Completing the repayment process properly can help borrowers protect their financial future and maintain a clean credit history. Barwaqt and UdharPaisa Loan App