KSA Personal Finance Market to grow exponentially with size of outstanding credit expected to contribute more than SAR 800 Bn by 2026F: Ken Research

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The KSA Personal Finance Market is in growing stage, being driven by technological advancements and digitalization in personal financing. Banks dominate the supply side of the KSA personal finance ecosystem, however the emerging non-banking finance companies and FinTech companies are expected to create tough competition in the market.

  • Due to shift of focus towards ownership of homes in Saudi Arabia Vision 2030 project, the renovation and home improvement segment is expected to grow and that might aid the personal finance market in the country.
  • The major players in the personal finance market include Al Rajhi and SNB followed by Emirates NBD, Banque Saudi Fransi. Non-banks are in the market include Nayifat Finance Company and Emkan Finance Company.
  • Working women population in KSA has been on an increasing trend and is expected to lead to an increase in the market, thereby positively affecting the KSA Personal Finance Market.
KSA Personal Finance Market

Future of KSA Personal Finance Market: The KSA Personal Finance Industry is expected to grow at a robust CAGR. Outstanding personal loans are expected to grow with in the next four years. Wedding loans are expected to account for the majority share by renovation and home improvement loans, which is mainly driven by Saudi Arabia Vision 2030. Due to increasing privatization and the goal of privatization being included in Vision 2030, the number of employed workforces is expected to increase and the workforce is also expected to decline for public sectors.

Entrance of New Players in the market: New players entering the KSA Personal Finance Market are FinTech companies. The country currently has 82 FinTech companies and the number in these companies is expected to grow rapidly over the next few years. The market has witnessed partnership between FinTech companies and decision analytics companies to make their digital lending process more robust. With new entrants, strict changes in policies can be seen related to insolvency and other parameters.

Government policies: Vision 2030 by the KSA government has massive plans for the economy targeting to improve employment figures that might be fruitful for the personal finance market as well. The loans borrowed by Large Corporation and Private Sector is expected to grow mainly due to increasing privatization as one of the goals in Vision 2030. KSA’s Vision 2030 includes Financial Sector Development Program which envisions better access to financial products and aims to increase the share of cashless transactions by developing the digital infrastructure. The Program also focuses on enabling FinTechs to drive innovation and competition. FinTech companies are expected to contribute immensely towards the growth of the market.

The report KSA Personal Finance Market Outlook to 2026F – Driven by Growing Digitalization and Increased Consumption Needs by Ken Research provides a comprehensive analysis of the potential of the Personal Finance Industry in KSA. The report also covers the overview and genesis of the industry, market size in terms of outstanding credit and number of loans; market segmentation by purpose of loan, by supplier, by tenure of loan, by booking mode, by geography, by nationality of borrower, by employment of borrower; growth enablers and drivers, challenges and bottlenecks, trends driving digital adoption; regulatory framework; industry analysis, competitive landscape including competition scenario, market shares of major players on the basis of outstanding credit. The report concludes with future market projections of each segmentation and analyst recommendations.

Key Segments Covered:-

KSA Personal Finance Market

By Purpose of Loan

  • Wedding
  • Renovation & Home Improvement
  • Consumer Durables
  • Tourism & Travel
  • Medical
  • Education
  • Debt Consolidation
  • Others

By Supplier

  • Banks
  • Non-Banks (NBFIs & FinTechs)

By Tenure of Loan

  • < 1 year
  • 1-2 years
  • 2-3 years
  • 3-4 years
  • 4-5 years

By Booking Mode

  • Online
  • Offline

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By Geography

  • Riyadh
  • Jeddah
  • Dammam
  • Others

By Nationality of Borrower

  • Saudi
  • Non-Saudi

By Employment of Borrower

  • Government Employee
  • Large Corporation Private Sector Employee
  • Medium & Small Corporation Private Sector Employee
  • Self-Employed
  • Others

Key Target Audience:-

  • KSA Finance Industries
  • Government Bodies & Regulating Authorities
  • Finance Industry
  • Finance Companies

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Time Period Captured in the Report:-

  • Historical Period: 2017-2021
  • Base Year: 2022
  • Forecast Period: 2022– 2026F

Companies Covered:-

Banks

  • Al Rajhi Bank
  • Saudi National Bank
  • Riyad Bank
  • The Saudi British Bank (SABB)
  • Banque Saudi Fransi
  • Arab National Bank
  • Al Bilad Bank
  • Emirates NBD
  • Alinma Bank

Non-Banks

  • Nayifat Finance Company
  • Emkan Finance Company (owned by Al Rajhi Bank)
  • Murabaha Marena Financing Company
  • United Company for Financial Services (Tasheel Finance)
  • Al Yusr Leasing & Financing
  • Al-Amthal Finance Company
  • Tamam
  • Quara Finance Company
  • Tayseer Finance
  • Saudi Finance Company (acquired by Abu Dhabi Islamic Bank)
  • Abdul Latif Jameel United Finance Company
  • Osoul Modern Finance Company
  • Matager Finance Company

Key Topics Covered in the Report:-

  • KSA Personal Finance Market Overview
  • Ecosystem of KSA Personal Finance Market
  • KSA Personal Finance Industry Evolution
  • KSA Personal Finance Market Size, 2017-2021
  • KSA Personal Finance Market Segmentation, 2021 (By Purpose of Loan, By Supplier, By Booking Mode, By Tenure of Loan, By Geography, By Nationality of Borrower, By Employment of Borrower)
  • Industry Analysis of KSA Personal Finance Services
  • Value Chain of KSA Personal Finance
  • Key Growth Drivers in Personal Finance Market in KSA
  • Trends and Developments in KSA Personal Finance Industry
  • SWOT Analysis of KSA Personal Finance Industry
  • Islamic Financing
  • Issues and Challenges in KSA Personal Finance Industry
  • Government policies affecting the KSA Personal Finance Industry
  • Competition Framework for KSA Personal Finance Market
  • Future Outlook and Projections of the KSA Auto Finance Market, 2021-2026F
  • Market Opportunities and Analyst Recommendations
  • Research Methodology

For more insights on the market intelligence, refer to below link:-

KSA Personal Finance Market

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