Riyadh – Sharikat Mubasher: The Saudi Central Bank (SAMA) announced it has granted a license to Creditline to provide consumer microfinance services, bringing the total number of finance companies licensed by the regulator to 77.
The new license forms part of SAMA's ongoing efforts to strengthen Saudi Arabia's financial sector by expanding access to financing, improving the efficiency of financial transactions, and encouraging the development of innovative financial solutions that support financial inclusion.
Consumer microfinance plays a key role in providing individuals with access to small-scale financing, helping meet personal financial needs while broadening access to formal financial services across the Kingdom.
SAMA said the licensing decision aligns with its strategy to foster a more competitive and diversified finance ecosystem while promoting innovation in line with the objectives of Saudi Vision 2030.
The central bank also urged customers to conduct financial transactions only through licensed and authorized financial institutions to ensure they receive services that comply with the Kingdom's regulatory and consumer protection standards.
