The Saudi Central Bank (SAMA) has licensed Awn Alraidah to engage in consumer microfinance activity through financial technology. The authorisation brings the number of SAMA-licensed companies offering consumer microfinance solutions in Saudi Arabia to nine, and increases the total number of finance companies licensed by SAMA to 68. SAMA also reiterated that customers should deal only with authorised financial institutions and directed readers to its website for the list of licensed and permitted entities.
Saudi Arabian Monetary Authority 2025-07-08
The Saudi Central Bank licenses Awn Alraidah to offer consumer microfinance via financial technology
The Saudi Central Bank (SAMA) has licensed Awn Alraidah to provide consumer microfinance services via financial technology, raising the number of SAMA-licensed consumer microfinance companies in Saudi Arabia to nine and the total number of licensed finance companies to 68. SAMA emphasized the importance of engaging only with authorized financial institutions.