Jarir receives SAMA approval to establish micro-consumer finance firm

Jarir Marketing Co. will establish a micro-consumer finance firm with a capital of SAR 50 million

Jarir Marketing Co. received preliminary approval from the Saudi Central Bank (SAMA) to establish RFID Integrated Co. to conduct micro-consumer finance activities, with a capital of SAR 50 million.

In a statement to Tadawul, Jarir said the planned consumer finance firm is the same entity referenced in a non-binding memorandum of understanding (MoU) it signed with Aman Non-Bank Financial Services and Electronic Payments Co. (Aman Egypt) and Hamad bin Abdullah bin Suleiman Al-Manaya & Co., a Saudi closed joint stock company.

Jarir said work is under way to complete the regulatory procedures required to establish the new company, noting that SAMA’s approval is preliminary and does not constitute a license or authorization to begin financing operations.

According to Argaam data, Jarir signed a non-binding MoU in December 2024 with Aman Egypt to establish a consumer finance company. Under the agreement, Jarir will hold a 49% stake, Aman Egypt will own 41%, and Hamad bin Abdullah bin Suleiman Al-Manaya & Co. will hold the remaining 10%.