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Article 9: License

Date(g): 17/12/2023 | Date(h): 5/6/1445

Effective from Jan 17 2024 - Dec 16 2023
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  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.