JEDDAH: Saudi Arabia’s banking regulator has licensed Daftar Technologies to provide buy now, pay later services, bringing the total number of finance companies authorized by the monetary authority to 76.
The Saudi Central Bank, known as SAMA, said that the decision reflects its endeavor to support and enable the finance sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.
Saudi Arabia’s consumer finance sector has expanded rapidly as SAMA accelerates the licensing of new financial institutions to boost competition, innovation and financial inclusion under Vision 2030.
The number of licensed finance companies has grown from 68 in October to 71 in April, 75 in June and now 76 following the latest BNPL approval, reflecting rising demand for digital financial services and flexible payment solutions as the Kingdom’s fintech ecosystem continues to mature.
“SAMA emphasizes the importance of dealing exclusively with authorized financial institutions,” it said in a statement.
