Saudi Arabia hits 79% digital transaction rate as it moves to a less-cash dependent society
JEDDAH: Saudi Arabia has achieved a major milestone in its financial transformation, reaching a 79 percent cashless transaction rate in 2024 — surpassing its 2025 target ahead of schedule, according to an official.
In an exclusive interview with Arab News, Khaled Al-Dhaher, vice governor for supervision and technology at the Saudi Central Bank, also known as SAMA, said: “By the end of the second quarter of 2025, the number of fintech companies operating in the Kingdom reached more than 280.”
Explaining the sector’s progress, the senior official said the country has seen a remarkable transformation, evolving from a traditional, bank-centric model to one of the most dynamic financial ecosystems in the region.
Saudi Arabia’s fintech sector is growing rapidly, driven by regulatory reforms, digital innovation, and investment in financial infrastructure. Through initiatives supporting startups, digital payments, and open banking, the Kingdom is building a future-ready ecosystem that advances inclusion, efficiency, and Vision 2030 goals.
