The Saudi Central Bank (SAMA) has granted a licence to Siola Al-Oula to operate as a micro consumer finance company, bringing the total number of licensed firms in this sector to seven, the regulator announced on January 8.
Saudi Arabia is slowly relaxing its financial sector to allow new and smaller players into the market.
The licensing is part of SAMA's broader strategy to strengthen Saudi Arabia's finance sector, which now includes 63 licensed finance companies across various categories.
The central bank said the move aims to enhance financial sector flexibility and promote innovation in financial services. It also supports the regulator's objectives of boosting financial inclusion and ensuring access to financial services across all segments of society.
This development aligns with SAMA's ongoing efforts to diversify the kingdom's financial services landscape and foster a more inclusive financial ecosystem.
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