The Saudi Central Bank (SAMA) granted “Spotii” and “Madfu” permits to carry out Buy Now Pay Later (BNPL) solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law for providing finance to customers wishing to purchase products or services from merchants without incurring term financing cost.
This initiative is aimed at enticing a new segment of investors and companies that can bring added value to the sector for more efficient operation, while maintaining full adherence to the regulatory and supervisory guidelines defined by SAMA.
SAMA is constantly striving to support the finance sector and FinTech for enhancing operational efficiency to promote financial inclusion for the various segments of the society in the Kingdom.
Finally, granting permits to BNPL companies is a step towards achieving the objectives of the FinTech Strategy in its pursuit to make Saudi Arabia among the leading countries in Fintech.
Featured image credit: Background Edited from freepik
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