Tasaheel received the first SMEs microfinancing license approved by the Financial Regulatory Authority (FRA), according to an FRA statement (pdf). This is the first company in the non-banking sector to be able to finance SME activities under the Microfinancing Act. Tasaheel will now be able to offer micro loans to small and medium enterprises, instead of just micro enterprises. Separately, Tasaheel had requested a nano financing license earlier in 2020 from the FRA.

Who else could be up? Microfinance player Tamweely is also looking to provide micro leasing products to SMEs early 2022, once it receives sign-off from the Financial Regulatory Authority, CEO Ahmed Khorshid reportedly told the local press back in April.

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