SAMA authorizes Jeel Pay to offer BNPL services

10/12/2023 Press Release

The Saudi Central Bank (SAMA) authorized Jeel Pay to provide buy-now-pay-later (BNPL) solutions, the central bank said in a statement today, Dec. 10. 

 

With Jeel Pay, there are now seven authorized BNPL providers in Saudi Arabia, bringing the total number of licensed/permitted finance companies to 58, the statement said. 

 

This decision reflects SAMA's endeavor to support the local finance and fintech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia, the statement added. 

 

SAMA also emphasized the importance of dealing exclusively with authorized financial institutions. Licensed and permitted financial institutions can be viewed on the central bank’s official website. 

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