JEDDAH: In an effort to increase digital lending and financial inclusion in the Kingdom, two fintech companies have entered Saudi Arabia’s consumer finance industry after obtaining licenses from the central bank.
There are now 73 licensed finance companies after the Saudi Central Bank, or SAMA, granted Dufaa Co. for Financing a license to offer consumer financing. Additionally, it granted Tak Mal for Financing Co. a license to use financial technology for consumer microfinance activities, increasing the number of microfinance providers in the Kingdom to eleven.
According to the 2024 report of the Kingdom’s Financial Sector Development Program, fintech companies operating in Saudi Arabia achieved 261 firms by the end of 2024, exceeding the Kingom interim targets and getting closer to the Vision 2030 goal of 525 enterprises.
While stressing the significance of working only with approved financial institutions, SAMA stated in a statement announcing the most recent licenses that these choices represent 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.
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