Secp Unveils Repayment System For Barwaqt Udharpaisa Users

ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has issued a public notice establishing a court-supervised mechanism for borrowers of the Barwaqt and UdharPaisa digital lending apps to settle outstanding loans and update their credit records.

The repayment framework has been introduced under the directives of the Islamabad High Court, as M/s Microcred Financial Services Limited (UdharPaisa) and M/s Seedcred Financial Services Limited (Barwaqt) are currently under liquidation proceedings overseen by the court.

Advocate Syed Ishfaq Hussain Shah has been appointed as the Official Liquidator for both companies through separate orders dated December 24, 2025.

Official repayment mechanism, banking instructions

The SECP stated that borrowers can clear their outstanding dues only through officially designated channels.

For UdharPaisa users, payments must be deposited into the specified account of M/s Microcred Financial Services Limited (in liquidation) at Bank Makramah Limited. Borrowers are required to obtain credit reports from Tasdeeq Information Services Limited and DataCheck Limited, verify outstanding amounts, and deposit payments through authorized bank branches only.

Restrictions on digital payments, verification process

The regulator clarified that payments via mobile wallets, online transfers, or digital apps will not be accepted. Borrowers must complete deposit slips with full personal details, retain stamped receipts, and ensure proper documentation for verification. Credit bureaus will update records within four weeks after confirmation of payments.

Barwaqt borrowers, strict compliance warning

A similar process applies to Barwaqt borrowers under M/s Seedcred Financial Services Limited, with repayments required through the designated Bank Makramah Limited account and supporting documents sent to the liquidator via email.

The SECP warned that only the Official Liquidator, operating under Islamabad High Court supervision, is authorized to collect payments. Any transactions outside the prescribed system will not be recognized for credit clearance.