Riyadh, August 9, 2023, In a momentous development, the (SAMA) has bestowed a license upon "Loan," an avant-garde financial technology company, enabling them to provide cutting-edge consumer microfinance solutions. This development signifies a notable advancement in the fintech industry, as Loan endeavors to transform the manner in which individuals obtain and oversee their financial resources. With the endorsement of the Saudi Arabian Monetary Authority (SAMA), Loan is strategically positioned to create a significant and enduring influence within the microfinance industry. Our primary objective is to empower consumers by providing them with convenient and highly efficient financial solutions. In a notable development, the consumer microfinance sector in Saudi Arabia has experienced growth with the inclusion of Loan, thereby increasing the total number of authorized companies in this domain to six. This recent addition aligns itself with the esteemed cohort of financial institutions offering microfinance solutions to consumers in the Kingdom.
In a strategic maneuver that highlights the unwavering dedication of the Saudi Arabian Monetary Authority (SAMA) to fortifying the finance sector, optimizing the efficiency of financial transactions, and cultivating innovative financial solutions to drive inclusivity, a momentous resolution has been reached. SAMA emphasizes the utmost importance of exclusively engaging with duly authorized financial institutions. To access a comprehensive compilation of licensed and permitted financial institutions, we kindly advise interested individuals to refer to the official website of the Saudi Arabian Monetary Authority (SAMA).
