The Saudi Central Bank (SAMA) emphasizes the need for establishments to obtain a permit from SAMA before engaging in the Buy Now Pay Later (BNPL) activity in the Kingdom, based on the provisions of Article (IV) of SAMA's law issued by the royal decree No. (M/36) and dated 11/04/1442 H, and article (tenth) of the Finance Companies Control Law issued by the royal decree No. (M/51) and dated 13/08/1433 H.
SAMA also reiterates that permission must be obtained before engaging in BNPL activity. All existing establishments must correct their situation by applying to SAMA for permission in order to resume their activity or to cease engaging in such activities before the end of the set period on 29/04/1443 H. 04/12/2021, in order to avoid being subject to statutory penalties. In this regard, SAMA calls upon establishments wishing to apply for permission to visit the (link).