DaftarPay Granted BNPL License by Saudi Central Bank

Riyadh-based fintech company DaftarPay has received a licence from the Saudi Central Bank (SAMA) to provide Buy Now, Pay Later (BNPL) services, bringing the total number of SAMA-licensed finance companies in Saudi Arabia to 76.

According to SAMA, the licensing forms part of its strategy to strengthen the Kingdom's financing industry by promoting innovation, improving the efficiency and flexibility of financial transactions, and supporting the development of innovative financial services.

The central bank said the approval is also intended to expand financial inclusion by increasing access to financial products and services as part of broader efforts to develop Saudi Arabia's financial sector.

SAMA also encouraged customers to deal only with licensed or authorised financial institutions and advised that the licensing status of financial service providers can be verified through its official channels.