SAMA permits KadiPay to provide BNPL solutions

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) permitted Saudi fintech startup KadiPay to provide buy-now-pay-later (BNPL) solutions, according to a statement today, Oct. 19.

KadiPay will bring the number of licensed BNPL service providers in the Kingdom to six in total. It will also raise the number of financing companies that are licensed to operate locally to 56.

The decision, according to the bank, came within the framework of its endeavor to support and empower BNPL companies, which allow customers to purchase products or services and defer the payment for a later date.

This is in addition to supporting financing and fintech companies, in general, while increasing the effectiveness and flexibility of local financial transactions. This is in order to achieve the goals of boosting financial inclusion in the Kingdom and enhancing access to financial services to all segments of society.

SAMA stressed the importance of dealing with financial institutions licensed or authorized by the central bank, which can be verified by visiting its website.