Saudi Arabia Consumer Finance Market to Grow with a CAGR of 18.28% through 2030F

The Saudi Arabia Consumer Finance Market is expanding due to rising consumer demand for loans, flexible payment options, a growing young population, and economic diversification under Vision 2030, supporting broader financial inclusion.

According to TechSci Research report, “Saudi Arabia Consumer Finance Market – By Region, Forecast & Opportunities, 2030F”, the Saudi Arabia Consumer Finance Market was valued at USD 356.72 Billion in 2023 and is expected to reach USD 973.97 Billion by 2029 with a CAGR of 18.28% during the forecast period. The Saudi Arabia consumer finance market has experienced substantial growth in recent years, driven by various economic, technological, and demographic factors. The market encompasses a wide range of financial products, including personal loans, mortgages, auto loans, credit cards, and Buy Now Pay Later (BNPL) services. This growth is underpinned by the country’s efforts to diversify its economy, improve financial inclusion, and integrate digital financial services in line with the ambitious Vision 2030 plan. With an increasing number of financial institutions offering tailored services, the consumer finance market in Saudi Arabia is positioned for continued expansion as more consumers demand access to credit and financial products to fund their consumption needs.

Saudi Arabia’s consumer finance market is heavily influenced by the growing middle class and a young, tech-savvy population that is increasingly adopting digital financial solutions. As one of the largest economies in the Gulf Cooperation Council (GCC), Saudi Arabia has witnessed significant consumer spending, which has further spurred the demand for credit and financial products. Additionally, the government's support for financial inclusion and the ongoing efforts to create a cashless society through technological innovations have played a major role in enhancing the accessibility of consumer finance options for a broader segment of the population. The market is expected to continue expanding, particularly with the rise of fintech solutions that facilitate quicker, more convenient access to financing. The ongoing economic diversification under Saudi Arabia’s Vision 2030 is a key driver for the growth of the consumer finance market. Vision 2030 aims to reduce the country’s reliance on oil revenues and transform the economy by investing in non-oil sectors such as tourism, retail, technology, and financial services. This ambitious plan has led to a more robust and diversified economy, which creates greater financial opportunities for consumers and businesses. Vision 2030 is also focused on improving access to financial services, particularly for younger populations, women, and underserved groups in rural areas. As more economic sectors experience growth and job creation, household incomes in Saudi Arabia are rising, which fuels consumer demand for various financing options. This shift towards a more diversified economy has encouraged Saudi consumers to rely on credit and loans for purchases, homeownership, and business expansion.

A major trend in the Saudi Arabia consumer finance market is the rise of digital transformation, particularly in the fintech sector. The government’s push toward a cashless economy and the rapid adoption of mobile banking and digital payment systems have revolutionized the way consumers access financial services. Fintech solutions, including digital wallets, online lending platforms, and mobile payment apps, have provided consumers with greater convenience and flexibility in managing their finances. These innovations have led to the widespread adoption of mobile payments, making it easier for consumers to complete transactions, access loans, and manage credit. The financial services sector has been quick to adapt to this technological transformation, with both traditional banks and fintech startups offering a growing array of digital financial products. For instance, the rise of BNPL services has been particularly significant in the retail sector, allowing consumers to purchase goods in installments without paying interest. These services appeal to younger consumers, who prefer the convenience and flexibility of managing payments over time. As digital payments and fintech services continue to evolve, the market will likely see even more innovation, offering consumers new ways to access and manage their finances.

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The Saudi Arabia Consumer Finance Market is segmented into type, regional distribution. 

Based on type, Unsecured consumer finance was the fastest-growing segment in the Saudi Arabia consumer finance market, driven by increasing demand for personal loans, credit cards, and other financing options that do not require collateral. This growth is largely attributed to the rise of a young, tech-savvy population seeking flexible financing solutions for immediate consumption needs, such as travel, education, and home improvements. Additionally, the availability of digital lending platforms and the government's push for financial inclusion have made unsecured loans more accessible. As disposable incomes rise and financial literacy improves, unsecured consumer finance is expected to continue expanding rapidly.

Based on region, Northern and Central regions are the fastest-growing segments in the Saudi Arabia consumer finance market, driven by increasing urbanization, population growth, and economic development. These regions, including key cities like Riyadh, Dammam, and Al-Qassim, are witnessing a surge in consumer demand for financial products such as personal loans, mortgages, and auto loans. The growth is further fueled by government initiatives aimed at improving infrastructure, creating job opportunities, and enhancing financial inclusion. As disposable incomes rise and access to credit improves, these regions are expected to continue experiencing rapid expansion in the consumer finance market.

Major companies operating in Saudi Arabia Consumer Finance Market are:

• Al Rajhi Banking & Investment Corporation SJSC
• National Commercial Bank SJSC
• Riyad Bank SJSC
• Saudi British Bank
• Samba Financial Group SJSC
• Saudi Investment Bank SJSC
• Alinma Bank SJSC
• Banque Saudi Fransi SJSC
• Alawwal Bank
• Arab National Bank

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“The Saudi Arabia consumer finance market is poised for sustained growth, driven by economic diversification, demographic shifts, technological advancements, and regulatory support. The market’s evolution will continue to provide new opportunities for financial institutions and consumers alike, as the country’s financial landscape becomes increasingly dynamic and inclusive. With strong government backing and an appetite for innovation, Saudi Arabia’s consumer finance market is set to become one of the most advanced and influential in the region.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Saudi Arabia Consumer Finance Market By Type (Unsecured Consumer Finance, Secured Consumer Finance), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of Saudi Arabia Consumer Finance Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Saudi Arabia Consumer Finance Market.

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