Saudi Central Bank (SAMA) has granted MIS Forward a permit to carry out Buy Now Pay Later (BNPL) services in the Kingdom.
The solution is pursuant to Saudi Central Bank law and Finance Companies Control law for providing finance to customers wishing to purchase products and services from merchants without incurring term financing cost.
The initiative is aimed at attracting new investors and companies that can bring added value to the sector for more efficient operation, while maintaining full adherence to the regulatory and supervisory guidelines defined by SAMA.
Buy now pay later in Saudi Arabia
SAMA is committed to supporting the financial sector and fintech firms as it looks to make the financial system in the Kingdom more efficient and includes all parts of society in the Kingdom.
Granting permits to buy-now-pay-later companies is a step towards achieving the objectives of the Kingdom’s fintech strategy as it looks to be a world leader in the sector.
Follow us on
