Saudi Arabia’s SAMA Backs BNPL Surge with New Licence for MIS Unit

Mohammed Fathy

Last updated 19-04-2026

3 min

SAMA has licensed Modern Integrated Solutions for Finance for Saudi Arabia’s BNPL market.

The approval lifts licensed finance companies to 71, showing serious alternative finance growth.

Parent firm MIS raised capital to SAR 65 million, signalling clear expansion ambitions.

BNPL is thriving alongside digital payments and Vision 2030’s wider fintech push.

Competition is intensifying, with regulators urging consumers to use authorised providers only.

Saudi Arabia’s central bank, SAMA, has granted a fresh licence to Modern Integrated Solutions for Finance, allowing the company to operate in the Kingdom’s fast-growing buy now, pay later (BNPL) market. With this approval, the total number of licensed finance companies in Saudi Arabia rises to 71.

It may sound like just another regulatory update, but in reality it signals how seriously the Kingdom is taking alternative finance. SAMA has been steadily pushing to strengthen the financial sector, improve transaction efficiency and widen the range of services available to both consumers and businesses. And believe it or not, these incremental licences often tell a much bigger story about where the market is heading.

Modern Integrated Solutions for Finance is a wholly owned subsidiary of Al Moammar Information Systems (MIS), the Saudi-listed technology firm. The company secured the licence after meeting all regulatory requirements and, in the process, rebranded from its former name, Excellence Application Solutions for Information Technology. A bit of a mouthful before, to be honest.

At the same time, MIS increased the subsidiary’s capital from SAR 10 million to SAR 65 million to back its expansion plans. That’s not pocket change. Upping the capital base like this usually hints that growth ambitions are serious, not just a box-ticking exercise.

BNPL, for those less familiar, allows customers to purchase goods or services and pay for them in instalments later. It has become a popular financing tool globally, particularly in e-commerce, because it offers shoppers more flexibility while giving merchants a boost in conversion rates. In Saudi Arabia, the model has gained traction alongside the digital payments wave and the broader fintech push under Vision 2030.

From what we see across the MENA startup scene at Arageek, fintech founders often describe regulation as either a springboard or a stumbling block. When clear licences are granted and capital requirements are transparent, it removes a lot of the guesswork. Well… I mean, it’s still not easy, but it’s definately less of a faff than operating in grey areas.

SAMA has also reiterated the importance of dealing only with licensed and authorised financial institutions, urging consumers to verify providers through the central bank’s official website. On the flip side, this kind of reminder underlines just how crowded and competitive the alternative finance space is becoming.

I reckon the BNPL race in Saudi Arabia is far from slowing down. With 71 licensed finance companies now in play, competition will be fierce, and only those with solid capital backing and smart risk management will thrive. For entrepreneurs watching the space, this latest licence is another sign that fintech in the Kingdom is not just a trend, it’s quickly becoming part of the financial mainstream.

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