Riyadh - Sharikat Mubasher: Jeel Pay, a Saudi fintech company facilitating payment processes in educational institutions, received a license from the Saudi Central Bank (SAMA) to engage in buy now, pay later (BNPL) activities across the Kingdom.

The license brings the total number of SAMA-licensed finance companies in Saudi Arabia to 78, SAMA revealed in a statement today.

SAMA permitted Jeel Pay to provide BNPL solutions in December 2023, as part of its commitment to supporting finance and fintech sectors and promoting financial inclusion in the Kingdom by enhancing operational efficiency and innovative financial solutions.

The central bank also emphasized its commitment to encouraging innovation in financial services, promoting financial inclusion, and expanding access to financial services across different segments of society.