SAMA licenses Fas Finance as Fintech consumer microfinance firm

25/07/2023 Argaam
Saudi Central Bank’s (SAMA) headquarters

Saudi Central Bank’s (SAMA) headquarters

The Saudi Central Bank (SAMA) announced today, July 25, licensing Fas Finance Co. to provide consumer microfinance solutions through financial technology (fintech). With Fas, there are now five authorized providers of consumer microfinance solutions in Saudi Arabia.

 

In an emailed statement to Argaam, SAMA said the decision reflects its endeavor to support and enable the finance sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in the Kingdom.

 

SAMA stressed the importance of dealing exclusively with authorized financial institutions.

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