Riyadh – Sharikat Mubasher: The Saudi Central Bank (SAMA) announced it has granted a license to ‘Lite Advanced Financial’ Company, enabling it to operate in the payments sector.

As per SAMA’s announcement, the company will provide payment services through electronic wallets, contributing to the expansion of digital financial solutions in the Kingdom. With this latest approval, the total number of licensed payment companies in Saudi Arabia has reached 32.

The move supports the development of the payments ecosystem, enhances the efficiency of financial transactions, and encourages innovation in financial services. It also aligns with efforts to promote financial inclusion and expand access to financial services across different segments of society.

SAMA reiterated the importance of dealing only with licensed and authorized financial institutions to ensure a secure financial environment.