The Saudi Central Bank has granted a license for the Kingdom’s first consumer micro-financing platform, which will allow users to be granted loans within minutes.

Kuwait’s Zain Group launched the Tamam Financing Company (Tamam) last year, the fintech subsidiary of its Saudi Arabian operation.

The launch makes Tamam the first organization in the Kingdom and the region to be licensed by a regulator to offer consumer micro-loans via a mobile app.

Founded in 2019, Tamam hopes to expand funding options available in the Kingdom. The Shariah-compliant platform offers approval for financing within minutes, based on a user’s credit profile. 

Bader Al-Kharafi, Zain vice-chairman and group CEO, as well as Zain KSA vice-chairman and Tamam chairman, said: “We are extremely proud of the teams at Zain Group, Zain KSA and Tamam in the successful delivery of this innovative Shariah-compliant service that provides consumer micro-finance in less than five minutes through a mobile app.

“Innovation is key to our ongoing developments and investing in viable digital services such as the fintech sector is a strategy we have launched a few years ago with Zain Cash and continue to implement across our markets as a critical component to our sustained evolution and success.

“Zain KSA’s evolution to becoming a digital lifestyle provider requires us to take bold moves in new digital areas, and we are pleased at how the Saudi Central Bank and the Kingdom’s wider community are extremely receptive to such developments,” he added.

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