Riyadh - Sharikat Mubasher: The Saudi Central Bank (SAMA) licensed Awn Alraidah Microfinance Company (Awn) to engage in consumer microfinance activity through financial technology.

With Awn, the total number of licensed companies offering consumer microfinance solutions in Saudi Arabia reached nine, bringing the total number of finance companies licensed by SAMA to 68 companies, the apex bank announced yesterday.

This addition reflects SAMA’s commitment to fostering the finance sector, enhancing the efficiency of financial transactions, and promoting innovative financial solutions for financial inclusion in the Kingdom.

Awn utilizes state-of-the-art digital technology to provide consumer microfinance services while enhancing user experience. It aims to contribute to customers' financial well-being and inclusion by delivering Sharia-compliant, trusted solutions that give them access to affordable financing. It is committed to safeguarding customers and investors through clear governance, risk controls, and other protective measures that ensure the safety and confidentiality of data and information.