Saudi Arabia’s central bank has granted a license to Jil Aldaf Alajil Co., operating under the name Jeel Pay, to provide buy-now-pay-later (BNPL) services, increasing the number of licensed finance companies in the Kingdom to 78. Jeel Pay specializes in education-related payments, offering customers the ability to spread tuition fees over periods of up to 12 months while also providing advance payments to partner educational institutions.
The licensing of Jeel Pay marks a regulatory upgrade from its prior status as a permitted BNPL provider. In December 2023, the Saudi Central Bank, known as SAMA, authorized Jeel Pay to offer BNPL solutions, making it the seventh entity allowed in that segment. At that time, the total number of licensed and permitted finance companies stood at 58; the current figure of 78 refers exclusively to fully licensed firms.
This move aligns with Saudi Arabia’s Vision 2030 economic plan, which aims to broaden access to digital financial services and enhance financial inclusion. Under this agenda, the Kingdom has expanded its regulatory framework to encompass various fintech sectors, including BNPL, open banking, crowdfunding, and finance aggregation. The goal is to foster competition and encourage innovation driven by technological advancements.
SAMA stated that the decision to license Jeel Pay reflects its commitment to supporting the finance sector, improving the efficiency of financial transactions, and promoting innovative financial solutions that enhance financial inclusion within Saudi Arabia. The central bank also emphasized the importance of consumers and businesses dealing exclusively with licensed or authorized financial institutions, advising them to verify credentials through its official website.
In late 2023, SAMA introduced specific regulations for BNPL companies, setting baseline standards around responsible lending, consumer protection, and credit-risk management. These rules define BNPL services as arrangements allowing customers to acquire goods or services without immediate full payment, with the outstanding balance payable over an agreed-upon period. Providers must adhere to requirements concerning governance, risk management, and the safeguarding of consumer rights.
SAMA’s recent licensing activities also include approving several other finance firms in mid-2026. In July, the regulator licensed Tqniyat Sdarat Co. to operate BNPL services, Credit Line Co. to provide consumer microfinance, and Mansat Hima for Financing to engage in debt-based crowdfunding, underscoring the ongoing expansion and diversification of Saudi Arabia’s financial technology ecosystem.