Saudi Arabia’s central bank, the Saudi Central Bank (SAMA), has granted a license to Jil Aldaf Alajil Co., operating as Jeel Pay, to offer buy-now-pay-later (BNPL) services, marking the 78th finance company licensed by the regulator. Jeel Pay specializes in education-related payments, enabling customers to spread tuition fees over periods of up to 12 months while providing advance payments to partner educational institutions.
This licensing decision is part of Saudi Arabia’s broader initiative to expand digital financial services in line with its Vision 2030 economic agenda. The Kingdom continues to develop its regulatory framework for fintech offerings, including BNPL, open banking, crowdfunding, and finance aggregation, aiming to boost financial inclusion, foster competition, and encourage technology-driven innovation.
In a statement, SAMA underscored its commitment to supporting the finance sector, improving the efficiency of financial transactions, and promoting innovative financial solutions that enhance financial inclusion across Saudi Arabia. The central bank also advised consumers and businesses to engage only with licensed or authorized financial institutions and to verify credentials through its official website.
Jeel Pay’s new license represents a shift in its regulatory status. While previously permitted by SAMA in December 2023 to provide BNPL services as the seventh authorized provider in that segment, the company now holds a full license. At that time, the total number of licensed and permitted finance companies stood at 58; the current total of 78 specifically refers to fully licensed firms.
SAMA introduced regulatory standards for BNPL companies in late 2023 to establish minimum requirements related to responsible lending, consumer protection, and credit risk management. These rules define BNPL services as arrangements that allow customers to make purchases and pay the balance over an agreed timeframe rather than upfront, with service providers subject to governance, risk oversight, and consumer safeguards.
The central bank has continued to expand licenses across various financing sectors. In July 2026, it licensed Tqniyat Sardat Co. to offer BNPL services, Credit Line Co. for consumer microfinance, and Mansat Hima for Financing to operate in debt-based crowdfunding, reflecting the ongoing growth and diversification of Saudi Arabia’s fintech ecosystem.