The Saudi Central Bank (SAMA) has officially granted a license to Tabby to provide Buy Now, Pay Later (BNPL) services within the Kingdom. This significant regulatory milestone formalizes Tabby’s operations in the region’s largest market and underscores the government’s commitment to fostering a competitive fintech landscape.
A Landmark Regulatory Approval
The announcement from SAMA confirms Tabby’s position as a fully licensed and regulated financial services provider in Saudi Arabia. This move is part of a broader initiative by the central bank to bring emerging financial models like BNPL under its direct regulatory supervision, ensuring consumer protection and market stability.
With this decision, Tabby joins a growing list of regulated entities, bringing the total number of finance companies licensed by SAMA to 68. The official license not only legitimizes Tabby’s extensive operations but also enhances its credibility among merchants and consumers throughout the Kingdom.
SAMA’s Vision for Financial Innovation
SAMA’s decision reflects its strategic endeavor to support and expand the finance sector by embracing innovative solutions. By licensing leading players like Tabby, the central bank aims to enhance the efficiency of financial transactions and promote solutions that contribute to greater financial inclusion across Saudi Arabia.
In its official statement, SAMA reiterated the importance for consumers to deal exclusively with financial institutions that are properly authorized. This push towards a regulated environment is crucial for building a trusted and sustainable digital economy in line with the goals of Saudi Vision 2030.
About Tabby
Tabby is a leading shopping and financial services app in the MENA region, empowering customers with the flexibility to pay for their online and offline purchases in either four interest-free payments or with a single payment 14 days later. The company operates in Saudi Arabia, the UAE, Egypt, and Kuwait and has partnered with thousands of global brands and small businesses to offer its flexible payment solutions.
Source: SAMA
