SAMA issues first consumer microfinance license

31/12/2020 Argaam

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The Saudi Central Bank (SAMA) started issuing consumer microfinance licenses.  

 

The move came following the first license issued by SAMA to Tamam Finance Co. in this sector, SAMA said in a statement. Tamam, a fintech entity established as a closed joint stock company with SAR 20 million capital, is operating under the SAMA regulatory Sandbox environment.

 

Tamam enables its customers to secure micro-loans online.

 

The new licenses will enable the finance sector to venture into new finance activities, attract a new category of investors and medium-sized enterprise owners under SAMA supervision.

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