The Saudi Central Bank (SAMA) has granted a license to Awn Alraidah Company, authorizing it to engage in consumer microfinance activities through financial technology (fintech).
With this development, Awn Alraidah becomes the ninth company approved by SAMA to offer consumer microfinance solutions within the Kingdom.
This latest licensing raises the total number of finance companies authorized by SAMA to 68, reinforcing the Kingdom’s strategy to expand financial services through innovation and technology.
SAMA emphasized that its support for microfinance is part of a broader effort to enhance financial sector development, improve the efficiency of financial transactions, and promote inclusive access to financial services. The licensing of Awn Alraidah aligns with the Saudi Arabia’s broader Vision 2030 goals, which prioritize financial inclusion and digital transformation in the economic landscape.
The Central Bank also reiterated the importance of dealing solely with licensed and authorized financial institutions, urging consumers to verify the legitimacy of companies via the official SAMA website, which provides an updated list of approved financial entities.
In March, SAMA licensed the ‘ALANNAYA AL-YATMANIA’ company in order to provide finance aggregation services.
Earlier this year, the SAMA also issued operational licenses to three additional fintech entities.
SAMA licensed the ‘Nama United Financing’ company to provide real-estate finance, production assets finance, small and medium enterprise finance, finance lease, and consumer finance. Meanwhile, SAMA granted operation licenses to ‘Tal Finance’ to provide debt-based crowdfunding solutions and to ‘HIBERBAY INK AL-SAOUDIA For IT Systems’ to offer e-wallet solutions.
These developments underscore SAMA’s continued commitment to enhancing the financial ecosystem, fostering innovation, and promoting financial inclusion in alignment with Saudi Vision 2030.
