Riyadh – Mubasher: United Electronics Company (eXtra) on Sunday announced that its subsidiary, United Company for Financial Services, has obtained the Saudi Arabian Monetary Authority (SAMA) preliminary approval to provide credit cards finance activity.

SAMA’s approval does not constitute a final license to commence providing credit cards financing services, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Moreover, it will enable eXtra to extend its reach to a wider customer base across the retail sector, in addition to providing a wide range of consumer finance solutions through its financing arm.

The company noted that the preliminary approval is subject to completion of all regulatory and technical procedures required to provide credit cards financing services with the concerned parties, and notifying SAMA upon completion.

In May, eXtra submitted a request to Saudi Arabian Monetary Authority, seeking a license to provide credit cards financing in Saudi Arabia.