Saudi Central Bank Licenses Aij Company for SME & Consumer Financing
The Saudi Central Bank has granted licences to Aij Company for Financing and Wukad Solutions for Aggregation Services, expanding the number of authorised financial service providers in the Kingdom.
The Saudi Central Bank (SAMA) has granted a licence to Aij Company for Financing to provide financing services to small and medium enterprises and consumers in Saudi Arabia.
With the addition of Aij Company for Financing, the total number of finance companies licensed by the regulator in the Kingdom has reached 71. The company will offer financing solutions aimed at supporting business activity and consumer financing within the Saudi financial sector.
In a separate decision, SAMA also licensed Wukad Solutions for Aggregation Services to provide finance aggregation services in Saudi Arabia. Finance aggregation platforms typically enable users to access and manage financial products or services from multiple providers through a single digital interface.
SAMA stated that the new licences form part of its ongoing efforts to support and develop the financial sector in the Kingdom. The regulator added that the decisions aim to enhance the efficiency of financial transactions while encouraging innovative financial solutions that contribute to financial inclusion.
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