Saudi Central Bank (SAMA) has licensed Lite Advanced Financial Company to provide e-wallet solutions in Saudi Arabia, further strengthening the Kingdom’s growing digital payments ecosystem.
With the addition of Lite Advanced Financial, the total number of licensed companies offering payment services in Saudi Arabia has now reached 32.
The move reflects SAMA’s continued efforts to support the development of the payments sector, enhance the efficiency of financial transactions, and encourage innovative financial solutions that contribute to greater financial inclusion across the Kingdom.
SAMA reiterated the importance of dealing only with authorized financial institutions to ensure the safety and reliability of financial services. The central bank also advised users to review the list of licensed and permitted financial institutions through SAMA’s official website.
