GO Telecom unit gets SAMA’s nod to offer micro-consumer financing

GO Telecom said its subsidiary, GO Money, will operate with a capital of SAR 20 million

Etihad GO Telecom Co. (GO Telecom) said its subsidiary, GO Money, received final approval from the Saudi Central Bank (SAMA), on Jan. 28, to provide micro consumer financing services in Saudi Arabia.

GO Money will operate with a capital of SAR 20 million, the telecom operator said in a statement to Tadawul.

GO Money aims to provide micro-consumer financing services, which will enhance the digital financial services ecosystem in the Kingdom, in line with the objectives of Saudi Vision 2030 and GO Telecom’s strategic direction.

The financial impact will be reflected in the telco’s consolidated financial statements once GO Money commences operations.

According to data available with Argaam, GO Telecom’s subsidiary, Hulool Al-Intilaq Finance, received preliminary approval from SAMA last March to operate as a micro-consumer financing company in the Kingdom.

Last May, GO Telecom also received a no-objection letter from SAMA to change the name of its subsidiary, Holoul Al-Intilaq for Finance, to Al-Hulul Al-Muntilga.

In the same month, the telco announced the completion of the incorporation of its Riyadh-headquartered wholly owned subsidiary, Al-Hulul Al-Muntilga (a closed joint-stock company), with a capital of SAR 20 million.