Saudi Arabia Grants ‘Tamara Finance’ License to Expand Consumer Finance and BNPL Services

Saudi Arabia’s fintech sector is gaining momentum as the Saudi Central Bank (SAMA) announced its latest addition to the list of licensed financial companies. Tamara Finance, a rapidly growing fintech firm, has been granted official approval to offer consumer finance and buy-now-pay-later (BNPL) services. This development raises the total number of licensed finance companies under SAMA to 65, reflecting the regulator’s commitment to fostering financial innovation.

The licensing of Tamara Finance comes as part of SAMA’s broader vision to support digital financial services, making transactions more efficient and expanding access to financing options for individuals and businesses alike. BNPL services have been gaining popularity in Saudi Arabia, allowing consumers to split their payments into manageable installments without traditional credit card debt.

In its official press release, SAMA reiterated its commitment to financial inclusion and ensuring that consumers have access to safe and regulated financial products. The central bank also stressed the importance of working exclusively with licensed institutions, urging the public to verify the status of financial service providers through SAMA’s official website.

As fintech adoption accelerates in the Kingdom, the approval of companies like Tamara Finance signals a progressive shift in Saudi Arabia’s financial landscape, aligning with Vision 2030 goals to develop a diverse and competitive economy powered by digital innovation.