The Securities and Exchange Commission of Pakistan (SECP) has granted a NBFC license to M/s Edufi Financial Services (Private) Limited, marking a significant milestone in establishing the first digital platform for Study Now, Pay Later (SNPL) initiatives in Pakistan. To improve consumer convenience by providing tailored loan solutions, the SECP recognized various digital loan business models that offer innovative lending solutions, said a news release here on Saturday. The Circular 12 of 2023 was issued with the objective of promoting specific licensing activities within the domain of Investment Finance Services. The introduction of the Study Now, Pay Later (SNPL) category under digital lending licenses was a pivotal step towards launching digital student loans. The initiative aims to reduce funding barriers for low-income students by offering financial assistance via digital platforms, thereby reducing their reliance on costly commercial study loans.