BNPL firm Jeel Pay receives SAMA permit, boosting Saudi fintech

BNPL firm Jeel Pay receives SAMA permit, boosting Saudi fintech

RIYADH: Saudi fintech startup Jeel Pay has obtained a permit from the Saudi Central Bank to provide buy-now-pay-later solutions.  

Jeel Pay is a fintech firm that created a solution to streamline the payment and collection procedures within educational institutions.

This decision by SAMA brings the total number of companies authorized to practice BNPL activity in the Kingdom to seven, according to a statement. 

It also increases the number of licensed and authorized financing companies to 58, reflecting SAMA’s ongoing endeavor to support post-paid companies. BNPL firm Jeel Pay receives SAMA permit, boosting Saudi fintech