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SAMA Licenses Fintech Company Loan to Provide Consumer Microfinance Solutions
Source: Arab News
In an effort to promote innovative financial services, Saudi Central Bank (SAMA) has issued a new license to Loan, a fintech company, to provide consumer microfinance solutions in the Kingdom. With the new licensee, there are now six authorized companies offering consumer microfinance solutions in the Kingdom.
According to SAMA, this decision reflects its endeavor to support the finance sector, increase the efficiency of financial transactions, and promote innovative solutions for financial inclusion in Saudi Arabia.
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