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Kadi Pay okayed for BNPL solutions

SAMA permitted Kadi Pay to offer BNPL solutions.
By Hilal Mir
October 19, 2023 9:38 pm
  • With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
  • The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.

Riyadh, Saudi Arabia — The Saudi Central Bank (SAMA) has permitted Kadi Pay to provide Buy Now Pay Later (BNPL) solutions.

With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.

The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.

This decision reflects SAMA’s endeavor to support BNPL, finance and FinTech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia, SPA reported.

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