Riyadh, December 10, 2023, In a significant development for the financial technology (FinTech) landscape in Saudi Arabia, the Saudi Central Bank (SAMA) has granted permission to "Jeel Pay" to provide Buy Now Pay Later (BNPL) solutions. Jeel Pay now joins the ranks of seven authorized companies offering BNPL services in the Kingdom, contributing to the expanding array of innovative financial solutions available to consumers. This decision also brings the total number of licensed or permitted finance companies in Saudi Arabia to 58.
SAMA's move reflects its commitment to bolstering the finance and FinTech sectors by fostering operational efficiency and encouraging the development of innovative financial solutions. The overarching goal is to promote financial inclusion across Saudi Arabia, ensuring that a broader segment of the population has access to diverse and accessible financial services.
Emphasizing the importance of dealing exclusively with authorized financial institutions, SAMA underscores the significance of adhering to regulatory standards for the benefit of both consumers and the financial industry. To stay informed about licensed and permitted financial institutions, individuals are encouraged to visit SAMA's official website for a comprehensive and up-to-date list.
This regulatory decision aligns with SAMA's ongoing efforts to create a robust and secure financial ecosystem that embraces technological advancements, ultimately contributing to the Kingdom's vision for a modern and inclusive financial landscape.
