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What is a credit score?
In the Kingdom of Saudi Arabia, if you have a credit card in your name, then your information (how often you make payments on time or late, personal details, purchase history) all get reported to the credit bureau. The credit bureau in the Kingdom is called SIMAH. A credit score shows your current and past…
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Basics 101: Needs vs. Wants
Looking at your needs vs wants is a helpful way of figuring out a better way to handle your spending and budget. Understanding the difference between needs and wants will help you manage your budget and prioritize your spending. Needs are essential to living comfortably (for example shelter and food) but wants are often expenses…
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Mada Card vs. Credit Card
One of the most significant differences between a mada card vs. credit card is how payment is handled. With a mada card, funds will withdraw immediately from your bank account when you make a purchase. When you use a credit card, you take a loan. Read more to learn about the key differences! Mada Card A…
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What is buy now, pay later?
The option to buy an item you need now, without having to pay the full amount until later can come in handy. But how exactly do buy now, pay later (‘BNPL’) methods work? How it works Buy now, pay later payment services such as Tamara, Spotii, Telr, and Tabby allow you to do just that:…
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How to read a bank statement
A bank statement shows the details of activity in a bank account over a set period of time. This is typically one month. Bank statements are generally issued as electronic account statements (aka ‘e-statements’). Alternatively, sent in the mail as paper documents. It is important to know how to read a bank statement correctly to…
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How to introduce the concept of savings to young kids
Young kids may understand what money is but might not fully understand the value of the dollar or riyal. In a world that is becoming less reliant on physical money and turning to contactless forms of payment, explaining the concept of money may be even more difficult now. Teaching the concept of savings to young…
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How does Vision 2030 factor in with our mission?
Saudi Arabia’s campaign to further develop the nation by 2030 is one that we fully support. One initiative the government has been heralding is the development of the Financial Sector. FataFeat as a fintech squarely attempts to aid this great nation’s government and citizens to solve a known problem. A study in 2019 showed that…
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The Financial Literacy and Education Initiatives of the Arab Region
A report conducted in 2016 by the Arab Monetary Fund and German Cooperation looked at past campaigns and initiatives that aimed to promote financial inclusion and financial literacy in the region. Although the focus of the report was on Algeria, Egypt, Jordan, Lebanon, Morocco, Palestine, Tunisia, and Yemen, the GCC countries were also highlighted. Furthermore,…
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Why should my family care about financial literacy?
Understanding how to budget, save, invest, and maximize your earnings are skills that will always aid you in life. Most of us learn (good and bad) money habits from our parents. How parents treat their hard-earned money is important as kids tend to pick up on everything. Learning the right way to deal with money…
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What are interest rates?
We’ll start by breaking down simple concepts that you will see all the time when it comes to money management. First up are interest rates. Interest rates are the percentage of X amount the money you owe to a lender which increases on a daily/monthly/yearly basis. It is the additional amount of money you pay…
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How to converse with your teen about finances
We know so many of us wished that school had provided us with the knowledge to be better prepared as adults in maybe a lot of ways, one of which was when it came to dealing with finances. Financial literacy is extremely important to set yourself up for success. If you are thinking of having…
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Why saving money earlier is important
We at FataFeat truly believe that the saying, “no time like the present” will always be accurate when it comes to thinking about your finances. Too many of us only think of our financial responsibilities when we become adults. According to a recent stat, about one-third of the adult population around the world is financially…
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Why is it important for teens to learn about financial literacy?
At a certain age, we become less interested in spending time with our families and want to spend more time with our friends. Now we are not saying any of that is bad – we’ve all gone through this phase. But, teen years are not only extremely formative but important in shaping and influencing who…
