Jeel Pay Wins Saudi Central Bank BNPL License

Jeel Pay has obtained a license from the Saudi Central Bank to provide buy-now-pay-later (BNPL) services in the Kingdom, adding a new authorized player to Saudi Arabia's growing financial technology market. The company's focus is on education-related payments, giving families and students a way to spread the cost of tuition and study expenses.

BNPL in Saudi Arabia is defined as financing that lets a consumer purchase goods or services without a term cost payable by the consumer. Jeel Pay's activity is regulated under the Rules for Regulating Buy-Now-Pay-Later Companies, which were issued on 17 December 2023 and remain in force after taking effect 30 days from their publication on the central bank's official website.

What the license involves

Licensed BNPL companies must maintain a minimum paid-up capital of SAR 5,000,000, which the central bank may adjust. Applicants are required to provide an irrevocable bank guarantee equal to that minimum, issued by a bank licensed in Saudi Arabia. The license is valid for five years and can be renewed, with renewal requests submitted in writing at least three months before expiry. Regulatory fees include SAR 5,000 for issuance and SAR 2,000 for renewal or amendment.

The rules also require that at least 50% of a company's human resources be Saudi nationals across all departments and levels once operations begin, supporting local employment in the sector.

For residents and expats, the entry of more regulated BNPL providers means additional consumer-protection oversight and clearer options for financing everyday purchases and, in Jeel Pay's case, education costs. Licensed and authorized finance companies are listed on the Saudi Central Bank's official website, where the public can verify each provider's regulatory status.

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