SAMA Licenses Daftarpay for BNPL Services, Raising Licensed Finance Companies to 76
Saudi Arabia's fintech sector continues its rapid expansion as the Saudi Central Bank (SAMA) advances its efforts to strengthen the Kingdom's digital financial ecosystem by licensing companies offering innovative financial solutions.
As part of this strategy, SAMA has granted Daftar Technologies a license to provide Buy Now, Pay Later (BNPL) services, bringing the total number of licensed finance companies in Saudi Arabia to 76.
The new license reflects SAMA's ongoing commitment to expanding digital financial services and providing broader financing options for individuals and businesses, while supporting the continued growth of the Kingdom's fintech ecosystem.
Saudi Arabia's fintech industry has experienced significant growth in recent years, supported by regulatory initiatives introduced by SAMA and the Capital Market Authority, alongside innovation programs designed to create a more competitive and resilient financial ecosystem.
BNPL services have emerged as one of the fastest-growing fintech segments, driven by increasing consumer adoption of digital payment solutions across e-commerce and retail, as well as continued investment in the sector.
The BNPL model enables consumers to split purchases into scheduled installments, offering greater flexibility in managing expenses. At the same time, businesses benefit from higher purchase rates and enhanced customer experiences as competition intensifies among payment service providers.
The latest license underscores SAMA's continued focus on enabling financial innovation within a regulatory framework that balances investment growth with consumer protection. The central bank also continues to strengthen the fintech regulatory environment to improve the efficiency, resilience, and competitiveness of Saudi Arabia's financial sector.
The expansion of licensing activities also supports the Kingdom's broader financial inclusion strategy by increasing access to digital financial services and advancing the objectives of Saudi Vision 2030 for financial sector development.
SAMA also reiterated the importance of individuals and businesses dealing exclusively with licensed or authorized financial institutions, ensuring consumer protection and regulatory compliance while reinforcing confidence in Saudi Arabia's fintech market.
