The Saudi Central Bank (SAMA) has officially granted a license to Tamara Finance, enabling the company to provide consumer finance and BNPL services in the Kingdom.

With this latest addition, the total number of finance companies licensed and permitted by SAMA now stands at 65.

In July 2023, SAMA granted Tamara a permit to provide BNPL solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law.

This step underscores SAMA’s commitment to enhancing the financial sector, improving the efficiency of financial transactions, and fostering innovation to drive financial inclusion in Saudi Arabia.

By expanding the number of licensed entities, SAMA aims to support the growth of the financial services industry while ensuring a secure and regulated environment for consumers.

Previously, SAMA licensed Network International Arabia to provide payment services through points-of-sale (POS), and Barraq to offer e-wallet services.

Featured image credit: edited from freepik