BNPL firm Jeel Pay receives SAMA permit
By Delisha Fernandes
Jeel Pay, a Saudi Arabia-based FinTech company, has announced that Saudi Central Bank (SAMA) has permitted “Jeel Pay” to provide Buy Now Pay Later (BNPL) solutions.
JeelPay is a FinTech company that developed a solution to facilitate the payment and collection process in educational institutions, where parents can pay the tuition fees every month as a “Study Now Pay Later” model. At the same time, schools can collect their money up-front instead of time-consuming collections.
Partnering with Jeel allows for upfront payments, enabling efficient expense management for better financial balance and planning. Jeel provides an easy payment method for parents, increasing the school’s attractiveness in the education sector. Jill also facilitates the payment process and eliminates the need to deal with the burden of collecting tuition fees from parents.
With Jeel Pay, there are now seven authorized companies offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/permitted finance companies to 58.
This decision reflects SAMA’s endeavor to support the finance and FinTech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia. SAMA seeks to bring added value to the industry and the economy by attracting new investors and companies. SAMA is actively leveraging technology in financial services to support the broader goals of Vision 2030.
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