SAMA permits Tabby to provide BNPL solutions

25/07/2023 Argaam
Logo ofSaudi Central Bank (SAMA)

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) gave the green light for Tabby to provide buy now pay later (BNPL) solutions.

 

With Tabby, there are now five authorized companies offering BNPL solutions in Saudi Arabia, according to SAMA website.

 

The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.

 

The decision reflects SAMA’s endeavor to support the finance and FinTech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia.

 

The central bank emphasizes the importance of dealing exclusively with authorized financial institutions.

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