The Saudi Central Bank (SAMA) permitted “Kadi Pay” to provide Buy Now Pay Later (BNPL) solutions. With Kadi Pay, there are now six authorized companies offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
The other 5 liscenced BNPL companies are, Tabby, Spotii, Madfuu, MIS forward and Tamara.
The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
This decision reflects SAMA’s endeavor to support BNPL, finance and Fintech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia.
SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.
Featured image credit: Edited from freepik
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