Jeel Pay Secures SAMA Approval to Offer BNPL Solutions

Saudi fintech startup Jeel Pay has been granted permission by the Saudi Central Bank (SAMA) to provide Buy Now Pay Later (BNPL) solutions, according to an announcement by SAMA.^[1]  

This license makes Jeel Pay the seventh company authorized to offer BNPL services in the kingdom.

Overall, this brings the total number of licensed or permitted finance companies in Saudi Arabia to 58.

The past year has seen a boom in fintechs in Saudi Arabia.