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The Saudi Central Bank (SAMA) is currently studying three requests for consumer microfinance licenses, Bader Al-Otaibi, director general of supervision of finance companies at the central bank, said in an interview with Asharq Business.
The bank aims, through consumer microfinance license, to attract a new segment of investors, who are medium-capitals.
He added that the bank also aims to support economic growth opportunities and enhance financial inclusion by providing more financing products, in line with the SAMA’s strategy to activate electronic channels in financing products.
The rules do not require the financier to have specific guarantees, and that this matter is up to the financier, based on the degree of risk he has, the official pointed out.
Al-Otaibi also indicated that one of the reasons for licensing this type of companies with fewer requirements than the regular financing companies is to address the unfair practices that may occur after canceling the installment sale system, which includes practicing financing activity without obtaining a license from the central bank.
He mentioned that setting an amount of SAR 20 million as a minimum capital for companies wishing to obtain a license is appropriate for this type of financing companies because of their business model, target market and market share.
Setting an amount of SAR 50,000 as an upper limit for financing comes because 90% of the loans granted from bodies other than banks are less than SAR 20,000, and these loans are for emergency purposes, the official added.
By the end of December 2020, the Saudi Central Bank started issuing consumer microfinance licenses, according to data compiled by Argaam.
Related News
SAMA issues first consumer microfinance license |
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