Saturday, 2 March 2024

SAMA Permits BNPL Company

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The Saudi Central Bank (SAMA) permitted “Jeel Pay” to provide Buy Now Pay Later (BNPL) solutions. With Jeel Pay, there are now seven authorized companies offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/permitted finance companies to 58.

This decision reflects SAMA’s endeavor to support the finance and FinTech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.

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