SECP Puts Barwaqt and UdharPaisa Borrowers on Notice — Here’s What You Must Do Now
If you ever borrowed money through the Barwaqt and UdharPaisa loan apps and still have an outstanding balance, stop whatever you are doing and read this carefully.
The Securities and Exchange Commission of Pakistan (SECP) has issued a formal public notice on May 18, 2026, laying out a court-supervised repayment process for all borrowers of these two digital lending platforms.
The directive comes directly from the Islamabad High Court, and it changes everything about how — and where — you can now pay back what you owe. Miss this process, and your credit record stays damaged. Follow it, and you could finally close this chapter for good.
What Happened to Barwaqt and UdharPaisa?
To understand why this notice matters, you need a bit of background on how these two apps got here.
Barwaqt, operated by Seedcred Financial Services Limited (SFSL), and UdharPaisa, run by Microcred Financial Services Limited, were once among Pakistan’s most downloaded nano-lending apps. They offered quick, small loans to people who needed fast cash — often those without access to traditional banking. At their peak, Barwaqt alone had over a million downloads.
But over time, things went south. Both companies faced serious allegations including violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations, aggressive and reportedly harassing recovery practices, and complaints of data misuse. SECP officially delisted Barwaqt in August 2024. Shortly after, the Islamabad High Court placed both companies — Seedcred and Microcred — under formal court-supervised liquidation proceedings.
On December 24, 2025, the court issued separate orders appointing Advocate Syed Ishfaq Hussain Shah as the Official Liquidator for both companies. And now, in May 2026, SECP has followed up with a public notice giving borrowers a structured, legal pathway to settle their loans and clear their credit histories.
What the SECP Notice Actually Says
The SECP has been very clear: borrowers of both Barwaqt and UdharPaisa can still settle their outstanding loans and restore their credit records — but only through officially designated bank accounts and strictly court-supervised procedures.
There is no flexibility here. No WhatsApp payments. No mobile wallets. No online transfers. No third-party agents. Payments must go through physical bank branch deposits at Bank Makramah Limited only. Anything outside this system will not be recognized for credit clearance — period.
The commission has also warned that only the Official Liquidator, operating under Islamabad High Court supervision, is legally authorized to collect payments. Anyone else claiming to collect on behalf of these apps — or offering to “fix” your credit record for a fee — is running a scam.
Step-by-Step: How UdharPaisa Borrowers Can Settle Their Loans
If you borrowed through UdharPaisa (Microcred Financial Services Limited), here is exactly what you need to do:
- Get your credit report first. Obtain your credit report from either Tasdeeq Information Services Limited or DataCheck Limited. This will confirm your outstanding loan amount and help you understand your current credit standing.
- Visit a Bank Makramah Limited branch. Go to your nearest Bank Makramah Limited branch and deposit your outstanding amount into the designated account for M/s. Microcred Financial Services Limited (In Liquidation).
- Fill out the deposit slip carefully. Include your full name, CNIC number, contact details, and the purpose of payment. Do not skip any field — incomplete slips may cause problems later.
- Keep your stamped receipt. The bank will stamp your deposit receipt. This is your official proof of payment. Protect it.
- Send your documents by email. After making the payment, email the following documents to liquidatormicrocred@gmail.com: a copy of your CNIC, your stamped deposit receipt, your credit report, and full payment details.
Once the Official Liquidator receives and verifies everything, they will submit updated settlement data to credit bureaus within four weeks, and your loan will be marked as settled in your credit history.
Step-by-Step: How Barwaqt Borrowers Can Settle Their Loans
The process for Barwaqt borrowers (Seedcred Financial Services Limited) is essentially the same, just with different account details and a different email address.
- Pull your credit report from Tasdeeq or DataCheck to verify your outstanding amount.
- Go to Bank Makramah Limited and deposit the outstanding balance into the designated account for M/s. Seedcred Financial Services Limited (In Liquidation).
- Complete the deposit slip with your CNIC, name, contact number, and reason for payment. Hold onto the stamped receipt — it is your only official proof.
- Email your documents to liquidatorseedcred@gmail.com — send your CNIC copy, deposit receipt, credit report, and payment details.
After verification, the Official Liquidator will update the credit bureaus within four weeks, reflecting the settlement in your financial record.
Why the Islamabad High Court Is Involved — and Why That Matters
This is not just a regulatory memo from SECP that can be quietly ignored. The Islamabad High Court is directly driving this process, which makes it a legal obligation for all parties involved.
The court has authorized the Official Liquidator to run a structured recovery process covering more than 750,000 borrowers connected to these two apps. It has also directed SECP, along with credit bureaus Tasdeeq and DataCheck, to coordinate repayment procedures and credit clearance arrangements end to end.
On top of that, the court has ordered the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Federal Board of Revenue (FBR) to fully cooperate with the liquidation process. SECP was also directed to publish public notices in both Urdu and English newspapers so borrowers across the country could be properly informed.
In short, this is a full-government, court-mandated effort. Treating it casually would be a mistake.
Your Credit Record Is on the Line — Here’s Why You Should Act Fast
Many borrowers may have simply moved on after these apps stopped functioning, assuming the debt somehow disappeared. It did not.
If your loan is still showing as unpaid in Pakistan’s credit bureaus — Tasdeeq or DataCheck — that default follows you. It can block you from getting a bank loan, a credit card, a mortgage, or even certain jobs that require financial background checks. In a country where digital financial services are growing rapidly, a damaged credit record is no small matter.
This SECP notice gives borrowers a real, legitimate opportunity to clean up that record — through a process that is court-backed and officially recognized. That is not something that comes around often, and it should not be wasted.
Watch Out for Scams — SECP Has Already Warned You
As soon as news like this spreads, fraudsters move fast. SECP has previously warned that scammers have been active on social media, falsely claiming they can delete or alter loan default records submitted by SFSL and Microcred to credit bureaus — in exchange for payment.
Let this be absolutely clear: no individual or group outside the officially appointed liquidator has any legal authority to modify your credit bureau records. Under the Credit Bureau Act, 2015, only authorized members of credit bureaus can report or change credit data. Anyone offering to “fix” your Barwaqt or UdharPaisa credit history for money is committing fraud — and you would be out both money and time.
Stick to the official process. Do not deal with anyone who is not the court-appointed Official Liquidator.
Key Reminders Before You Go to the Bank
Before you head out to make your payment, keep these points in mind:
- Only Bank Makramah Limited branches accept payments — no other bank, no online platform, no agent.
- Mobile wallets and digital transfers are strictly not accepted — JazzCash, EasyPaisa, SadaPay, and similar platforms cannot be used for this.
- Fill your deposit slip completely — missing details could delay or invalidate your payment.
- Keep every document safe — your CNIC, deposit receipt, and email confirmation are your legal proof.
- Verify information only through official channels — SECP’s website, credible news sources, or the Official Liquidator’s contact. Never trust a WhatsApp forward or a random social media post.
FAQS About Barwaqt and UdharPaisa
I already paid my loan before the app shut down. What should I do?
If your credit record still shows an outstanding balance despite prior payment, get your credit report from Tasdeeq or DataCheck and email the Official Liquidator with proof of your previous payment. They are the right authority to investigate and update your record.
Is there any deadline to make the payment?
SECP’s current notice does not specify a hard deadline, but acting sooner is strongly advised. The longer a default sits on your credit file, the more financial damage it can cause.
Will I get a discount or reduction on my loan amount?
The notice does not mention any waiver or haircut on outstanding amounts. The full balance as shown in your credit report is what you should be prepared to pay.
What if I cannot afford to pay the full amount right now?
Contact the Official Liquidator directly through the designated email addresses for your respective app. They operate under court supervision and may have guidance on available options.
Final Thought!
The SECP notice for Barwaqt and UdharPaisa borrowers is one of the most significant developments in Pakistan’s digital lending space this year. It closes a long chapter of uncertainty for hundreds of thousands of borrowers who were left in limbo after these apps went dark.
The process is not complicated — visit a Bank Makramah Limited branch, make the payment, fill the slip, keep the receipt, send the email. Four weeks later, your credit record should be updated. That is a fair deal for something that has been hanging over people’s heads for years.
If you found this article helpful, share it with someone who borrowed from Barwaqt or UdharPaisa — they may not have seen the notice yet. And if you have gone through this process already, drop a comment below and let others know how it went.
