JEDDAH: Saudi Arabia’s banking regulator has licensed Daftar Technologies to provide buy now, pay later services, bringing the total number of finance companies authorized by the monetary authority to 76.
The Saudi Central Bank, known as SAMA, said that the decision reflects its endeavor to support and enable the finance sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.
Saudi Arabia’s consumer finance sector has expanded rapidly as SAMA accelerates the licensing of new financial institutions to boost competition, innovation and financial inclusion under Vision 2030.
The number of licensed finance companies has grown from 68 in October to 71 in April, 75 in June and now 76 following the latest BNPL approval, reflecting rising demand for digital financial services and flexible payment solutions as the Kingdom’s fintech ecosystem continues to mature.
“SAMA emphasizes the importance of dealing exclusively with authorized financial institutions,” it said in a statement.
By allowing payments to be spread over an extended period, BNPL has revolutionized shopping habits. Not only does it provide consumers with more control over their finances, but it also alters their relationship with businesses.
The latest approval comes as digital payments continue to gain momentum in the Kingdom. According to SAMA, electronic payments accounted for 85 percent of retail transactions in 2025, reflecting growing consumer adoption of cashless payment methods.
The approval comes days after SAMA granted Tabby consumer finance and small and medium-sized enterprise finance licenses, underscoring the regulator’s broader push to expand access to digital financial services under Vision 2030.
The licenses are expected to move Tabby beyond short-term BNPL and support its ambition to become a broader financial services provider, according to Abdulaziz Saja, general manager of Tabby Saudi Arabia.
SAMA’s new license adds another player to the Kingdom’s increasingly competitive BNPL market, where established providers such as Tabby and Tamara have expanded their offerings beyond short-term installment payments through additional regulatory approvals.
In an interview with Arab News in 2024, Arjun Singh, partner and global head of fintech at Arthur D. Little Middle East, highlighted the natural evolution of Saudi Arabia’s consumer finance landscape, driven by an expanding array of financial products tailored to the diverse needs of its growing market.
He said the Saudi BNPL market is poised to grow from $1.4 billion in 2024 to $2.8 billion by 2029, reflecting a compound annual growth rate of over 10 percent.
