SAMA licenses Jeel Pay for BNPL as Saudi finance sector expands

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.

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