FinTech

SAMA Licenses FinTech Consumer Microfinance Company

The Saudi Central Bank (SAMA) announced the licensing of ” BOUABA TSHIL,” a company specializing in micro-consumer financing activities, to operate using financial technologies

According to a report issued by SAMA, there are currently around six companies specialized in the micro-consumer financing sector.

As per SAMA’s announcement, the total number of licensed financing companies operating in the Kingdom of Saudi Arabia is approximately 61.

This decision aligns with the central bank’s goals to support and empower the financing sector, enhancing the effectiveness and flexibility of financial transactions.

TSHIL is a digital platform that offers advanced financial solutions and accessible financing to clients.

It is licensed by SAMA and operates across 50 branches in the Kingdom.

TSHIL Financing operates in personal financing in accordance with Islamic law, installment sales, and credit cards.

The company has been licensed to sell credit cards by the Capital Market Authority since 2021.

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