Article 19: Company Obligations

The BNPL company shall: Comply with the Responsible Lending Principles for Retail Consumers issued by SAMA. Verify and document the credit record of the consumer, with their consent, to confirm their solvency, repayment capacity and credit conduct. Register the consumer’s credit information, with their consent, at one or more of the companies licensed to collect credit information according to the relevant laws, regulations and instructions. Such information must be updated throughout the period of dealing with the consumer. Set appropriate approvals and acknowledgments and allow consumers to read and agree to them before dealing with them, provided that such approvals and acknowledgments are shown as a pop-up window. Adopt a clear, transparent and documented scientific method, criteria and procedures to evaluate the creditworthiness of the consumer and their repayment capacity, in accordance with best practices in this field. Identify the consumer, verify their identity through a reliable and independent source, and document this in accordance with the regulations and instructions issued by SAMA. Obligate contracted stores not pass or charge any additional fees to the consumer. The company shall also monitor the stores' practices to ensure their compliance, and provide them periodically with the required guidelines. Maintain provisions for potential losses, defaults and risks in line with the International Accounting Standards and relevant SAMA-issued guidelines.