SAMA Approves Rifd Integrated Co. for Microfinance in KSA

Jarir secures preliminary SAMA approval to establish Rifd Integrated Co., a SAR 50 million micro-consumer finance company, partnering with Aman Egypt to expand financial services in Saudi Arabia.

Jarir has received preliminary approval from the Saudi Central Bank (SAMA) to establish Rifd Integrated Co., a new micro-consumer finance entity with planned capital of SAR 50 million (approximately USD 13.33 million), marking a significant strategic expansion for the leading Saudi retailer into the Kingdom's growing financial services sector.

In a disclosure to the Saudi Exchange (Tadawul), Jarir confirmed that the planned consumer finance firm is the same entity referenced in a non-binding memorandum of understanding it signed with Aman Non-Bank Financial Services and Electronic Payments Co. (Aman Egypt) and Hamad bin Abdullah bin Suleiman Al-Manaya & Co., a Saudi closed joint stock company. According to Argaam data, the MoU was signed in December 2024, with Jarir holding a 49% stake, Aman Egypt owning 41%, and Al-Manaya & Co. controlling the remaining 10%.

Jarir emphasized in its Tadawul statement that work is under way to complete regulatory procedures required to formally establish the new company. The retailer clarified that SAMA's approval is preliminary and does not constitute a final license or authorization to begin financing operations, with full compliance reviews and final licensing approvals still pending.

The partnership leverages Aman Egypt's expertise in consumer finance and microfinance operations with Jarir's extensive retail network across Saudi Arabia. Jarir operates one of the Kingdom's largest retail chains through its Jarir Bookstore brand, specializing in consumer electronics, office supplies, books, and school supplies, with over 60 showrooms across Saudi Arabia and the Gulf region.

The establishment of Rifd Integrated Co. aligns with Saudi Arabia's expanding microfinance landscape, where SAMA has been actively licensing new entrants to enhance financial inclusion and expand access to regulated credit under Saudi Vision 2030 objectives. SAMA has approved multiple fintech-enabled microfinance firms in recent years, creating a more competitive and innovative market. Rifd Integrated Co. is expected to serve consumer financing needs with emphasis on micro-consumer credit, potentially integrating with Jarir's retail operations to offer point-of-sale financing options across the Kingdom.