The ‌Saudi‌ Arabian⁤ Monetary Authority (SAMA) has officially​ approved ⁤Jeel Pay, the leading digital payment solution provider, to offer Buy Now Pay Later ⁢(BNPL) services in the Kingdom.

With this approval, Jeel Pay becomes the first fintech company in Saudi Arabia to‌ receive SAMA’s authorization for BNPL services.⁤ This development ​is expected to revolutionize the way consumers shop and pay⁤ for their ‍purchases by providing a flexible and⁣ convenient payment option.

Jeel Pay’s BNPL service allows‍ customers to split their payments into multiple installments, making it easier to manage their finances while enjoying⁤ an enhanced shopping experience. Shoppers can avail themselves of this service for a wide range of products, including electronics, fashion, furniture, and more.

According to Mr. Ahmed Al Nahari, CEO of Jeel Pay, “We are delighted ⁤to⁢ receive SAMA’s approval for ⁢our BNPL services. This marks a significant milestone for our company and reinforces ‍our commitment to driving financial inclusion⁤ and digital innovation in Saudi Arabia.”

Jeel Pay, founded in 2018, has rapidly established itself as a trusted ⁢payment partner for businesses and consumers ⁢alike. The company offers a secure and seamless payment gateway that ensures hassle-free transactions.

The BNPL market has been growing steadily in Saudi Arabia,‍ with consumers increasingly embracing the ‌concept of deferred payments. ⁤SAMA’s approval for ​Jeel Pay will further stimulate ‍this⁢ market and encourage competition among fintech companies,⁣ benefiting consumers with more ⁣choices and attractive offers.

Jeel Pay’s BNPL services have gained popularity due to their user-friendly interface, transparent terms, and quick approval process. Customers can apply for the‍ service online, and within minutes, receive a‍ decision regarding their ⁢eligibility to avail ‌themselves of the payment option.

As a result of SAMA’s approval, Jeel Pay ‍foresees rapid growth in its user base and expansion into new markets. The⁢ company plans to collaborate with various merchants to promote its BNPL services,⁣ making it accessible to a larger pool of consumers.

Jeel Pay’s authorization for BNPL services by‍ SAMA signifies a significant step⁢ forward in the financial technology sector in Saudi Arabia.⁣ The increased adoption of digital payment solutions‍ and alternative financing options highlight the exciting future awaiting the country’s fintech ​industry.

Source: Jeel‍ Pay