Saudi-based fintech startup DaftarPay has officially been granted a license by the Saudi Central Bank (SAMA) to provide Buy Now, Pay Later (BNPL) services. The move signals a significant step for the company and underscores the Kingdom’s ongoing efforts to cultivate a competitive and innovative financial technology sector.
Quick Facts
- DaftarPay is now licensed to offer BNPL services.
- Total licensed finance companies in Saudi Arabia now reach 76.
- The approval supports Saudi’s broader financial innovation strategy.
Expanding Saudi’s Regulated Fintech Sector
DaftarPay’s entry into the regulated BNPL space brings the total number of SAMA-licensed finance companies in the Kingdom to 76. This approval is part of a deliberate strategy by the central bank to formally structure Saudi Arabia’s rapidly growing fintech ecosystem, ensuring both consumer protection and market stability.
By licensing new players, SAMA is actively working to diversify the financial services available to consumers and businesses while enabling innovative financial solutions to operate within a clear regulatory framework.
A Push for Financial Innovation and Inclusion
According to SAMA, the decision aligns with its mission to support the financing industry by improving the efficiency and flexibility of financial transactions. The central bank is focused on fostering an environment that encourages innovation in financial services.
This initiative is also aimed at boosting financial inclusion by broadening access to different financial products across the Kingdom. As part of its oversight, SAMA continues to emphasize that consumers should only engage with financial institutions that are officially licensed and authorized, which can be verified through its website.
About DaftarPay
Founded in 2023, DaftarPay is a B2B Buy Now, Pay Later (BNPL) platform based in Saudi Arabia. The company provides businesses with flexible payment solutions, allowing them to manage their cash flow more effectively by deferring payments on invoices and other business expenses.
Source: Entarabi
