JEDDAH: With the approval of Tamara Finance Co. of Saudi Arabia to offer credit services, the Kingdom now has 65 approved lending businesses. The Saudi Central Bank, also known as SAMA, declared that it has authorized the company to provide consumer finance and purchase now, pay later services, stressing that this action demonstrates the bank’s dedication to fostering the expansion of the financial industry.
According to a release, it will also boost creative solutions that encourage financial inclusion throughout Saudi Arabia and increase the effectiveness of financial transactions. The permission is in line with Saudi Arabia’s Vision 2030 goals, which include boosting the digital economy, increasing financial inclusion as defined by the Financial Sector Development Program, and raising the percentage of cashless transactions from 36% in 2019 to 70% by 2025.
Tamara raised $340 million in its series C investment round in December 2023, making it the first Saudi fintech business to attain a $1 billion valuation. The company’s expansion coincides with the Kingdom’s growing use of BNPL solutions. According to a 2024 analysis by top supplier Tabby, 77 percent of Saudi customers currently use these services for necessities.
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