The license application for engaging in BNPL activity shall be submitted to SAMA along with the following items:

Pursuant to the provisions of the Companies Law, the minimum capital for the BNPL company shall be SAR 5,000,000 (five million Saudi riyals), subject to increase or decrease by SAMA as it deems appropriate.

1. All candidates for supervisory and executive positions in a BNPL company shall:
2. Meet the professional eligibility requirements set by SAMA.
3. Be permanent residents of the Kingdom of Saudi Arabia.
4. Be theoretically and practically qualified and have sufficient experience in the field.
5. Meet any other requirements set by SAMA.

1. The applicant shall provide SAMA with any additional information or documents required by SAMA within 30 working days from the request date.
2. In case of failure to meet the period requirement specified in paragraph (1) of this Article, SAMA may reject the license application.
3. SAMA issues a written notice to the applicant after the completion of all the requirements set forth in the relevant rules and regulations.
4. SAMA informs the applicant of the initial approval or justified rejection in writing within 60 working days from the date the applicant receives notification of application completeness. Such initial approval does not constitute a license or permit to carry out the activity.

1. If a company is under establishment, the founding members shall satisfy the requirements necessary to engage in BNPL activity within six months from the date of initial approval, and provide SAMA with a copy of the commercial of failure to meet the requirements set out in this paragraph within the specified period, the approval shall be deemed expired. In addition, SAMA may extend the period for a maximum of another six months before the initial approval period expires.
2. In case of an existing company, it shall provide SAMA with a copy of the commercial register containing its BNPL activity within six months from the date of initial approval. In case of failure to meet the requirements set out in this paragraph within the specified period, the approval shall be deemed expired. Moreover, SAMA may extend the period for a maximum of another six months before the initial approval period expires.

1. SAMA takes any necessary actions to verify that the BNPL company meets all SAMA’s requirements. Such actions include making licensing visits; meeting the company’s executives; and reviewing the company’s systems, procedures and records.
2. SAMA issues a decision granting the applicant a license to engage in the activity after fulfilling all requirements and completing all procedures.
3. The BNPL company shall not engage in any activity other than the activity for which the license has been issued unless it obtains a prior written non-objection from SAMA.

The license shall be valid for five years and may be renewed by SAMA upon the BNPL company’s request. Such request must be submitted in writing, using the form designated by SAMA, at least three months before the expiry date of the license.

SAMA revokes the license upon the BNPL company’s request, taking into the account the rights of creditors and consumers as well as the soundness of the financial system.

SAMA charges fees as follows:

1. SAR 5,000 (five thousand Saudi riyals) for license issuance.
2. SAR 2,000 (two thousand Saudi riyals) for license renewal or amendment.