The Saudi Central Bank (SAMA) has granted a licence to Seulah Alawla, authorising it to offer consumer microfinance solutions. This addition brings the total number of licenced consumer microfinance providers in Saudi Arabia to seven, contributing to the overall count of 63 finance companies regulated by SAMA.
This move aligns with SAMA’s strategy to enhance the financial sector’s efficiency and promote innovative financial solutions, thereby advancing financial inclusion within the Kingdom.
SAMA advises engaging only with authorised financial institutions. A comprehensive list of licenced entities is available on SAMA’s official website.
In recent years, SAMA has been actively licencing fintech companies to provide consumer microfinance solutions, reflecting its commitment to fostering innovation in the financial sector.
For detailed guidelines on the licencing process for consumer microfinance activities, SAMA has published comprehensive rules and application instructions.
