The Saudi Central Bank (SAMA) has given a new e-wallet license to Lite Advanced Financial Company, pushing the total number of licensed payment service providers in the Kingdom to 32. The move signals SAMA’s continued effort to open up the financial sector and foster competition in the rapidly growing digital payments space.
Quick Facts
- New e-wallet license granted to Lite.
- Total licensed payment providers now number 32.
- Part of Saudi’s strategy for a cashless economy.
SAMA’s Push for a Cashless Kingdom
This latest license is part of SAMA’s broader strategy to bolster the country’s payments infrastructure and promote financial inclusion. By authorizing more players, the central bank aims to improve transaction efficiency and give consumers and businesses greater access to modern financial services.
SAMA also continues to emphasize consumer protection, reminding users to transact only with financial institutions authorized by the regulator and listed on its official website.
A Crowded Digital Wallet Space
Lite Advanced Financial Company enters an increasingly competitive market. The Saudi digital wallet scene already features major players like Apple Pay and STC Pay, alongside the national payment network’s Mada Pay.
The field expanded significantly in late 2025 when SAMA signed a deal with Google to introduce Google Pay through the mada network. This allows users to link their bank cards for contactless in-store payments and secure online transactions, a core function for all digital wallets in the Kingdom.
Young Demographics Fueling Adoption
The rapid adoption of digital payments in Saudi Arabia is largely driven by its demographics. With over 60% of the population under the age of 35 and one of the highest smartphone penetration rates globally, the country has a strong consumer base eager to adopt new financial technologies. This tech-savvy population is a key factor in the national shift away from cash.
About Lite Advanced Financial Company
Lite Advanced Financial Company is a newly licensed fintech firm authorized by the Saudi Central Bank (SAMA) to provide e-wallet services in the Kingdom of Saudi Arabia.
Source: Fast Company Middle East
