Riyadh: The Saudi Central Bank (SAMA) licensed 'Muhlah Zamaniyah' company to engage in consumer microfinance activity through financial technology.

According to Saudi Press Agency, this development sees the number of licensed companies offering consumer microfinance solutions in Saudi Arabia rise to 11. This latest addition increases the total number of finance companies licensed by SAMA to 68.

SAMA's press release today highlighted the decision as part of the bank's efforts to support the finance sector, enhance the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion within the country.

SAMA stressed the importance of engaging only with authorized financial institutions. Information about licensed and permitted financial institutions can be accessed on SAMA's official website.