Saudi Arabia: SAMA Announces Licensing of Mani, a Debt Collection Firm

The Saudi Central Bank (SAMA) announced the licensing of Mani, a finance debt collection company to provide debt collection service for finance institutions.

The license was granted to the company after completing all requirements stipulated in the “Rules of Licensing Finance Support Activities” issued by SAMA.

This comes “as part of SAMA‘s role in supervising, regulating and enabling the finance sector and its supporting activities.”

SAMA invites institutions wishing to carry out finance debt collection activity to review the “Rules of Licensing Finance Support Activities” and relevant laws and guidelines “defined by SAMA by visiting its official website.”

SAMA stresses “the importance of exclusively dealing with licensed and authorized financial institutions.” To verify the licensed financial institutions, you may review SAMA’s official website.

The Saudi Central Bank (SAMA) also recently announced the licensing of Fuel Finance Company, a new finance company specialized in consumer microfinance.

This step “comes as part of SAMA’s role in enhancing and enabling the finance sector by supporting the introduction of new finance activities.”

This will also “contribute to attracting a new segment of investors and Med-Cap companies that can bring added value to the sector.”

Such contribution will “ensure the efficiency of investors and companies by maintaining full adherence to regulatory requirements issued by SAMA related to corporate governance, risk management, compliance, and consumer protection.”

Additionally, the step “aligns with SAMA’s role in promoting financial stability and supporting economic growth and development witnessed in the Kingdom towards the accomplishment of the goals of Saudi Vision 2030.”

SAMA reiterated its commitment “to support the finance sector, increase efficiency and flexibility of financial transactions and promote innovative financial solutions.”

This in turn “backs financial inclusion in the Kingdom and ensures access to financial services by all segments of society.”

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