Saudi fintech startup Jeel Pay has obtained a permit from the Saudi Central Bank (SAMA) to provide buy-now-pay-later (BNPL) solutions. This move increases the total number of companies authorized to offer BNPL activity in the Kingdom to seven, as part of SAMA’s efforts to support post-paid companies.
Jeel Pay is a fintech firm that has developed a solution to simplify payment and collection processes in educational institutions. With this permit, Jeel Pay joins other Saudi fintech startups such as KadiPay, Tabby, and Tamara in offering BNPL services in the Kingdom.
The authorization from SAMA aligns with the goals of Vision 2030 and the National Fintech Strategy, aiming to have 525 fintech companies in Saudi Arabia, creating 18,000 jobs and contributing SR13.3 billion ($3.56 billion) to the country’s gross domestic product.
SAMA remains committed to fostering innovation and enhancing financial inclusion in the Kingdom. The central bank is also developing regulations to support new business models and guide entrepreneurs in the payments, investments, and financing sector.
The flourishing fintech scene in Saudi Arabia has attracted significant investments, with Saudi Venture Capital allocating $80 million to its “Investment in Fintech VC Fund” to stimulate financing for startups and small and medium enterprises. In 2022, the ecosystem raised $239 million in funding.
SAMA’s Deputy Governor for Development and Technology, Ziad Al-Yousef, stated in July 2022 that the bank aims to establish Saudi Arabia as a regional fintech hub, as part of its implementation of the Financial Sector Development Program outlined in Vision 2030.