The Saudi Central Bank Grants “JeelPay” Company Permission to Engage in Deferred Payment Activity

The Saudi Central Bank, known as “SAMA,” has announced the granting of permission to the digital technology company “JeelPay” to engage in deferred payment activities, thereby raising the number of companies authorized for this activity to seven. This initiative falls within the bank’s efforts to support and empower the sector of deferred payment companies, financial technology, and financing companies in general.

With the number of companies authorized to conduct deferred payment activities reaching seven, the total number of licensed/authorized financing companies in the Kingdom has risen to 58. This reflects the Saudi Central Bank’s commitment to enhancing the effectiveness and flexibility of financial transactions and supporting innovation in the provided financial services.

This step is part of the Saudi Central Bank’s pursuit to enhance the level of financial inclusion in the Kingdom and provide financial services to all segments of society. It underscores the importance of dealing with licensed or SAMA-authorized financial institutions, where the status of licenses and permissions can be verified by visiting the Saudi Central Bank’s official website.

Who is the JeelPay platform that was granted permission by the Saudi Central Bank?

“JeelPay” is a financial technology platform that has developed a solution to facilitate the payment and collection process within educational institutions. Parents have the ability to pay their children’s tuition fees monthly using the “Study Now, Pay Later” model, while schools can collect funds upfront rather than engaging in time-consuming collection processes.

Advantages of Using JeelPay Platform

• Advance Payments and Efficient Expense Management: With “Jeel,” you can receive payments in advance and efficiently manage your expenses, simplifying financial management and collection operations.
• Increased Demand and Attraction of More Students: By offering deferred payment options through “Jeel,” you can attract more students, enhancing competitiveness and increasing the number of beneficiaries.
• Administrative Effort Reduction: The “Jeel” platform allows you to offload the burdens of fee collection, enabling you to focus more on your core educational activities without administrative exhaustion.

Distinctive Features of JeelPay Platform

• Easily Add New Installment Plans: You can effortlessly add new installment plans for beneficiaries and keep track of all the plan details.
• Request Tracking and Management: Jeel platform enables you to manage and track all installment requests submitted by beneficiaries through your central control panel.
• Plan Status Monitoring: The platform allows you to monitor beneficiaries’ payment statuses to manage certificate withholding according to specified terms and conditions.

These features make JeelPay platform an ideal solution for streamlining payment and collection processes within educational institutions in an effective and innovative manner.

The reality of the advancement in financial technology and its positive impact on the education sector is evident through the “JeelPay” platform. Providing deferred payment options and efficiently managing collection operations significantly contributes to creating a more effective educational environment, easing payment and collection processes for both schools and parents alike. Therefore, the Saudi Central Bank announced granting permission to the digital technology company “JeelPay”.

Through its diverse advantages and features, the “JeelPay” platform enhances innovation in financial services offered to educational institutions. It reflects its commitment to providing sophisticated technological solutions that efficiently and effortlessly meet the needs of the education sector.

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