Saudi Arabia’s fintech sector continues to expand as the Saudi Central Bank (SAMA) officially licensed Madark Solutions for Financing to offer buy-now-pay-later (BNPL) services. The move brings the total number of finance companies licensed by the Kingdom’s regulator to 74.
Quick Facts
- New BNPL license granted to Madark Solutions.
- Total licensed finance firms in KSA now 74.
- Part of SAMA’s push for financial inclusion.
SAMA’s Push to Bolster the Kingdom’s Finance Sector
The decision aligns with SAMA’s ongoing strategy to support and mature the finance sector within Saudi Arabia. According to the central bank, this initiative is aimed at increasing the efficiency of financial transactions and introducing innovative solutions to advance financial inclusion across the country.
In its announcement, SAMA reiterated the importance for consumers and businesses to deal exclusively with financial institutions that are officially authorized and licensed. A complete list of these entities is available on the central bank’s official website.
Madark Enters a Growing BNPL Arena
By securing this license, Madark Solutions enters the increasingly competitive BNPL market in Saudi Arabia. The sector has seen significant growth, with a number of local and regional players competing for market share as consumer adoption of flexible payment options rises.
Madark’s entry marks another step in the diversification of the Kingdom’s financial landscape, providing more choice for consumers and merchants looking for alternative credit and payment solutions.
About Madark Solutions for Financing
Madark Solutions for Financing is a Saudi-based company that provides innovative financing solutions to individuals and establishments. The company aims to offer financial products that comply with Islamic Sharia principles, including personal financing and buy-now-pay-later services for consumers.
Source: Zawya
