SAMA Permits New BNPL Company
البنك المركزي السعودي يصرح لشركة لممارسة نشاط الدفع الآجل
The Saudi Central Bank (SAMA) announced on 05/07/2023 that it has licensed Nakhla for Information Systems Technology (Tamara) to conduct Buy Now Pay Later (BNPL) activity in the Kingdom, bringing the total number of licensed BNPL companies to four. The permit is issued pursuant to the Saudi Central Bank Law and the Finance Companies Control Law, and aims to enable customers to finance purchases of goods or services from merchants with no deferred cost charged to the customer. SAMA emphasized the importance of dealing only with financial institutions licensed or authorized by the Central Bank, which can be verified through its website.
Saudi regulatory updates, in one morning brief
Bawadir tracks what Saudi regulators issue and delivers what needs your attention each working morning. Your email is all we ask for.
Free. One click to unsubscribe, any time.