Saudi Central Bank "SAMA" announces the launch of licenses for microfinance activity, after announcing the issuance of the first license for a company practicing such activity in Saudi Arabia. The company in question is "Tamam Financing Company", practicing microfinance activity as a closed shareholding company with a capital of 20 million Riyals. The license was granted after the company completed a successful trial period going through the Central Bank's Regulatory Sandbox for innovative financial services and products in the Kingdom.

This step arises from the Central Bank's supporting role in allowing the finance sector to explore new financing activities. These new financing prospects will promote and support the sector and attract a new segment of investors and medium capitalists to work under the Bank's Supervision. This supervision will ensure that these companies optimize their operations by adhering to SAMA's regulatory and supervisory requirements for corporate governance, risk management, commitment, and customer protection. Thus, this initiative falls in alignment with role of the Central Bank in promoting financial stability and supporting the opportunities for growth and economic development perceived within the Kingdom towards achieving the goals of the Kingdom's Vision 2030.

The Central Bank reaffirmed that it will maintain its ongoing efforts to support the finance sector and financial technologies and to improve the efficiency and flexibility of financial transactions, as well as to enable and encourage innovation in the provided financial services. These efforts, SAMA stated, are quintessential to help it achieve its goals of enhancing the level of financial inclusion in the Kingdom and enabling easy and secure access to financial services to all segments of the society.