Riyadh, July 25, 2023, In a significant development, the Saudi Central Bank (SAMA) has granted a license to "Fas Finance Company" to offer consumer microfinance solutions using cutting-edge financial technology. This move is expected to revolutionize the lending landscape in the Kingdom, providing individuals with convenient access to much-needed funds. In a significant development, the Kingdom of Saudi Arabia has witnessed the emergence of five authorized companies that are now providing consumer microfinance solutions through Fas. This latest development in the financial sector is set to revolutionize the accessibility of microfinance services for consumers in the country. In a move that underscores the commitment of the Saudi Arabian Monetary Authority (SAMA) to bolster the finance sector, enhance the efficacy of financial transactions, and foster groundbreaking financial solutions to promote financial inclusion in the Kingdom, a decision has been made. In a statement released today, the Saudi Arabian Monetary Authority (SAMA) underscored the criticality of engaging solely with authorized financial institutions. The regulatory body stressed the significance of conducting financial transactions and dealings exclusively through recognized and approved channels. SAMA's emphasis on this matter aims to safeguard the interests of individuals and businesses, ensuring their financial security and protecting them from potential risks associated with unauthorized entities. By adhering to this directive, individuals and organizations can contribute to a robust and trustworthy financial ecosystem in the For a comprehensive list of licensed and permitted financial institutions, interested individuals are encouraged to visit the official website of the Saudi Arabian Monetary Authority (SAMA).
