RIYADH: Saudi Arabia’s central bank licensed Jil Aldaf Alajil Co., which operates as Jeel Pay, to provide buy-now-pay-later services, bringing the number of finance companies licensed by the regulator to 78.
Jeel Pay focuses on education-related payments. The company’s platform allows customers to spread tuition payments over as many as 12 months and provides advance payments to partner educational institutions.
The licensing comes as Saudi Arabia pushes to expand digital financial services under its Vision 2030 economic agenda. The Kingdom is widening the regulatory framework for fintech activities, including BNPL, open banking, crowdfunding and finance aggregation, as it seeks to increase financial inclusion and competition while encouraging technology-driven innovation.
In a statement, the Saudi Central Bank, known as SAMA, said: “The decision reflects SAMA’s endeavor to support the finance sector, enhance the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.”
SAMA urged consumers and businesses to deal only with licensed or authorized financial institutions and to verify providers through its website.
