Tamara granted permission for consumer lending and Buy Now, Pay Later operations through SAMA license
Tamara Secures License for Expanded Financial Services
Tamara, a leading financial technology company, has received an official license from the Saudi Central Bank (SAMA) to provide consumer finance and buy-now-pay-later (BNPL) services. This milestone marks a significant step in Tamara's journey to deliver innovative financial solutions that cater to the needs of its customers.
The license, under license No. 95/A Sh/202502, allows Tamara to serve a broader customer base and diversify its financial product offerings. With this license, Tamara can now offer financing solutions exceeding SAR 5,000 ($1,333).
Abdulmajeed Alsukhan, Co-Founder of Tamara, described receiving preliminary approval as "the culmination of our ongoing efforts to deliver innovative financial solutions that meet our customers' needs."
With the new license, Tamara is poised to make a substantial impact in the region. The company has already integrated its BNPL platform into major platforms like Magento, enabling merchants to offer flexible payment options and boost sales.
Tamara has also partnered with Paymob, a leading payments gateway in the MENA region. This partnership enables seamless BNPL payment splits into four installments without hidden fees or interest, supported by Paymob’s secure omnichannel infrastructure. The initial focus is on SMEs in Saudi Arabia and the UAE, aiming to boost sales and conversion rates for merchants.
Tamara's BNPL platform is now available on the Apple Store in Saudi Arabia, improving accessibility for consumers to use their services directly from mobile devices. The company serves customers in Saudi Arabia, UAE, and Kuwait, with over 9 million registered users and over 30,000 merchants in its network.
The Saudi Central Bank (SAMA) has emphasized that the licensing of Tamara aligns with its strategic focus on enhancing the efficiency of financial transactions. SAMA's strategic focus also includes promoting innovative solutions for financial inclusion in Saudi Arabia.
With this license, Tamara joins the ranks of 65 finance companies licensed by SAMA. The company operates under SAMA's supervision with a capital of 515 million Saudi Riyals, continuing compliance and expansion within the regulated financial services environment.
In conclusion, Tamara is focusing on enhancing digital payment experiences through strategic partnerships, platform integrations, and expansion of its app presence. This move aims to grow its BNPL services in Saudi Arabia and the Gulf region, providing safer, more flexible consumer financing options and supporting growth for SMEs and e-commerce merchants.
[1] https://www.arabianbusiness.com/finance/453334-tamara-becomes-first-bnpl-unicorn-in-the-middle-east-with-350m-series-c [2] https://www.arabianbusiness.com/technology/453333-tamara-partners-with-paymob-to-expand-bnpl-services-across-the-middle-east [3] https://www.arabianbusiness.com/technology/453332-tamara-launches-app-on-apple-store-in-saudi-arabia [5] https://www.arabianbusiness.com/finance/453334-tamara-becomes-first-bnpl-unicorn-in-the-middle-east-with-350m-series-c
Tamara's newly acquired license will expand their business by allowing them to offer financing solutions exceeding SAR 5,000, demonstrating a focus on diversifying their financial product offerings in investing.
To further strengthen their position in the financial industry, Tamara has partnered with Paymob, a leading payments gateway, demonstrating their ongoing efforts to deliver innovative financial solutions for consumers.
