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Effective from 2019-12-10 - Dec 09 2019 To view other versions open the versions tab on the right
1.
The minimum paid-up capital for a Consumer Microfinance Company shall be (20,000,000) twenty million riyals.
2.
Notwithstanding the provision of subsection (1) of this article, the minimum paid-up capital for a Consumer Microfinance Company that carries out the activity using Financial technology shall be (10,000,000) ten million riyals.
3.
SAMA may stipulate higher or lower minimum capital based on the prevailing market conditions, or if it deems that the proposed business model or the geographical scope requires so. The capital shall be paid in full at the establishment of the consumer microfinance company.
