SAMA raises ‘BNPL’ financing cap for individuals to SAR 10,000

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) raised the maximum outstanding financing limit per individual customer under the Buy Now, Pay Later (BNPL) service to SAR 10,000, according to a circular issued on Dec. 24, 2025, as reflected in SAMA's rulebook.

BNPL refers to financing provided to customers for purchasing goods or services from merchants without deferred payment charges, with purchases repaid later through scheduled installments.

Under Article 22 of the rules regulating BNPL companies, the total outstanding financing for each individual customer must not exceed SAR 10,000.

SAMA retains the right to increase or reduce this limit as it deems appropriate, without prejudice to the affordability ratios stipulated under the “Responsible Lending Principles for Individual Customers”.

The rules stipulate that the number of installments granted to a customer must not exceed 12, collections must be made exclusively through electronic channels, and cash payments may not be requested.

In addition, the rules require that a BNPL company's total outstanding financing must not exceed 20 times its capital and reserves unless it obtains a no-objection letter from SAMA.

The rules also prohibit BNPL companies from obtaining financing facilities from entities other than licensed financing institutions unless they first obtain a no-objection letter from SAMA.

According to data available with Argaam, SAMA issued the rules regulating BNPL companies in December 2023 as part of its supervisory and regulatory efforts for the BNPL sector, as well as its broader initiatives to develop the financing industry and support the fintech ecosystem.

The rules apply to BNPL companies licensed or authorized by SAMA. Among the companies that have received licenses or authorization to operate are Tamara, Tabby, Spotii, Madfu, Qady Pay, Jeel Pay, Integrated Modern Financial Solutions, and Madarik Finance Solutions.

As for companies operating in the sector, the latest published financial statements showed that Tabby reported a net profit of SAR 68.1 million in Q1 2026, while Tamara posted a net profit of SAR 123.4 million during the same period.