Riyadh: The Saudi Central Bank (SAMA) has officially granted a license to Tabby Finance to operate Buy Now, Pay Later (BNPL) services in the Kingdom, raising the total number of licensed finance companies to 68.
This decision aligns with SAMA’s strategic objectives to strengthen the financial sector, enhance the efficiency and flexibility of financial transactions, and promote innovative financial solutions that contribute to broader financial inclusion across all segments of Saudi society. The move underscores the central bank’s commitment to ensuring that financial services remain accessible, secure, and regulated, fostering confidence in licensed institutions.
Founded in 2019 by Hosam Arab and Daniil Barkalov, Tabby has rapidly emerged as one of the leading BNPL platforms in the Middle East. The company enables consumers to split purchases into interest-free installments, offering more flexible and convenient payment solutions. Tabby operates across Saudi Arabia, the UAE, and other regional markets, partnering with thousands of merchants, including prominent retail and e-commerce brands, making it a key player in shaping the region’s digital payment landscape.
With its continued growth, Tabby is positioned to advance the adoption of digital payments, providing consumers with enhanced financial flexibility and supporting the Kingdom’s evolving fintech ecosystem. By leveraging innovative technology, the company aims to streamline payment processes, reduce financial friction, and encourage responsible spending, aligning with Saudi Arabia’s broader Vision 2030 goals to modernize financial services and expand economic participation.
SAMA emphasized the importance of engaging only with licensed or authorized financial institutions and encouraged the public to verify licensing information via its official website. This guidance ensures transparency, security, and trust in financial interactions, further supporting the sustainable development of the finance sector in Saudi Arabia.
