Riyadh: The Saudi Central Bank (SAMA) has licensed Alhulul Almuntilaqa to provide consumer microfinance services, raising the total number of companies licensed to engage in this activity to 12, while the overall number of finance companies licensed in the Kingdom has reached 70.

According to Saudi Press Agency, this decision comes as part of SAMA's ongoing efforts to support and enable the finance sector, enhance the efficiency and flexibility of financial transactions, and encourage innovation in financial services, with the aim of strengthening financial inclusion and expanding access to financial services for all segments of society in the Kingdom.

The Saudi Central Bank emphasized the importance of dealing exclusively with financial institutions that are licensed or authorized by SAMA, noting that the status of licensed and permitted institutions can be verified through its official website.