The Saudi Central Bank (SAMA) has granted a payment license to Riyadh-based money app Tweeq to provide e-wallet services, bringing the total number of payment companies licensed by SAMA to 23.

This comes in addition to five companies which have been granted in-principle approvals, as well as companies operating under the central bank’s regulatory sandboxes.

Other companies that have received a payment license from SAMA recently include the Arab Sea Financial Company, Fatoraah, and mobile payment service provider Tiqmo.

According to Fintech Saudi, the number of active fintech companies in Saudi Arabia rose by 79% in the past year, with funding inflows exceeding US$400 million during the period.

“We are honored to have secured the EMI license from SAMA. With their confidence, we are now one step closer to enabling all citizens of society to have access to the next generation of digital payments that meet their needs,”

said Saeed Albuhairi, CEO of Tweeq.