Inside Saudi Arabia's Push to Modernize Finance and Expand Inclusion How is Saudi Arabia turning its fintech ambition into action?

Despite being home to more than half of the GCC's population, Saudi Arabia faces one of the region's most acute financial inclusion challenges. An estimated 6.6 million adults, around 25% of the population, remain unbanked, far outpacing rates in the UAE and Bahrain.

Lower levels of digital adoption, lower GDP per capita, and the logistical hurdles of serving rural populations, who make up 15% of the kingdom, have all contributed to the disconnect. But with financial inclusion now firmly embedded in Saudi Arabia's Vision 2030 strategy, the tide is beginning to turn.

A new wave of Saudi fintechs, backed by a record SAR 1.28 billion ($342 million in venture funding) in Q1 2025 and supported by global tech partnerships, is working to close the gap. From rolling out digital wallets for millions of pilgrims to expanding access to credit and savings for underserved communities, these players are redefining what inclusive finance looks like in one of the world's most ambitious economies.

So, how is Saudi Arabia turning ambition into action?

Vision 2030: Engine for financial transformation

At the heart of Saudi Arabia'sVision 2030, agenda to digitize the economy is a renewed focus on financial infrastructure. The blueprint transforms fintech from a fringe ecosystem into a national priority, designating funding and governmental resources to accelerate development of modern payment solutions.

Central to the modernisation strategy is a focus on locally-tailored platforms for end-users, meeting the needs of Saudi Arabia's unique demographics. The Financial Sector Development Program (FSDP) is dedicated to improving financial inclusion, aligning efforts from regulators and private industry to extend banking and payment services to underserved groups, particularly Saudi Arabia's 1.68 million SMEs and almost 5 million citizens in rural communities.

These measures are already bearing fruit; following increased efforts from local institutions to modernise financial services and improve card products, the value of card payments in Saudi Arabia is projected to surpass US$160 billion in 2025 and grow 6.5% annually for the next five years. Paired with the Saudi Central Bank's mada Atheer contactless payment scheme, the nation's financial infrastructure is now a strong foundation for modern, digital financial services.

Global collaboration for local success

Saudi Arabia's fintech ecosystem is thriving, driven by a close understanding of difficulties faced by developing communities and a strong, highly educated talent pool. Currently home to 261 fintechs, the ecosystem is targeting 525 home-grown fintechs by the end of the decade, fuelled by over 12 billion SAR (US$3.2 billion) in committed venture capital support.

Success stories are already abundant, with unicorn Tabby raising $160 million at a US$3.3 billion valuation following its acquisition of fellow Saudi fintech Tabby. Homegrown players are drawing attention to Saudi fintech on the world stage, but domestic efforts can be accelerated by collaborations with global providers of specialised, advanced financial technology.

Building an innovative financial platform not only requires a unique idea or solution to a problem, but also a deep pool of surrounding infrastructure to enable the platform to flourish. From tokenisation and virtual card issuance to real-time fraud detection, global fintechs provide the critical infrastructure Saudi platforms need to move fast and scale securely. By partnering with global fintechs, Saudi BIZ Experiencess focus on building financial services tailored to the nation's overlooked communities and SMEs.

Pilgrimage as a payments catalyst

Perhaps the most visible example of fintech at scale is the transformation of Hajj and Umrah spending. Saudi Arabia welcomed a record-breaking 18.5 million pilgrims in 2024, targeting 30 million pilgrims by 2030 through expanded physical and digital infrastructure. Pilgrims contribute over US$12 billion to the Saudi economy each year, including spending on transportation, hospitality and a wide range of other sectors, with a preference for digital payments in place of cash or local prepaid cards.

To meet this demand, Saudi Arabia's Ministry of Hajj and Saudi National Bank launched the Nusuk wallet, an international digital wallet available to all pilgrims. The wallet, which enables pilgrims to manage their money and make payments during their stay in Saudi Arabia, is a platform from which the Ministry of Hajj plans to build a super app with API and SDK integrations. Private fintechs are invited to build Nusuk wallet-compatible platforms, leveraging advanced payment technologies like virtual card issuance in partnership with global fintechs to provide additional services to pilgrims.

Expanding financial Inclusion

The Saudi fintech ecosystem recognises financial inclusion as a business imperative, attracting SAR 45 billion (US$12 billion) in funding to bring digital financial services to over 6.5 million previously excluded individuals and businesses, combining local ingenuity with advanced infrastructure from global partners. In doing so, they're helping to build something much bigger than an app or a wallet. They're building the financial foundation for a more inclusive, digital-first Saudi economy.