Saudi Central Bank Grants E-Wallet License to Fintech Lite Advanced Fi
SAMA approved Lite Advanced Financial to offer e-wallet solutions as part of efforts to expand digital payments and financial inclusion.
An e-wallet services licence has been issued in Saudi Arabia, adding a new operator to the country’s payments sector.
The licence was granted by the Saudi Central Bank (SAMA) to Lite Advanced Financial, a financial services firm focused on digital payment solutions, allowing it to provide e-wallet services.
With the addition of Lite Advanced Financial, the number of licensed payment service providers in Saudi Arabia has reached 32, according to SAMA.
The central bank said the move forms part of its broader efforts to develop the payments sector, improve transaction efficiency, and support the adoption of innovative financial solutions aimed at increasing financial inclusion.
SAMA also reiterated the importance of dealing exclusively with authorised financial institutions and directed users to its official channels to verify licensed and permitted entities.
