SAMA licenses FinTech consumer microfinance firm

10/10/2024 Argaam
Logo ofThe Saudi Central Bank (SAMA)

Logo of The Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) licensed BOUABA TSHIL Co. to provide consumer microfinance solutions through financial technology (FinTech).

 

With BOUABA TSHIL, there are now six licensed companies offering consumer microfinance solutions, with the number of licensed financing companies in Saudi Arabia reaching 61, SAMA said in a statement.

 

This decision reflects SAMA's endeavor to support the financial sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.

 

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

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