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HomeBusinessSaudi Central Bank Approves Two New Payment Service Providers

Saudi Central Bank Approves Two New Payment Service Providers

Expansion of Saudi Payment Service Ecosystem with Fresh Licenses

January 23, 2024
in Business
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The financial landscape in Saudi Arabia has experienced a significant expansion with the Saudi Central Bank (SAMA) granting licenses to two additional firms in the payment services sector. “Network International Arabia” is now authorized to manage point-of-sale (POS) services, while “Barraq” has been given the green light to provide e-wallet services.

This development brings the total number of licensed payment service providers within the Kingdom to 27, marking a substantial step towards SAMA’s objective of bolstering the payments industry. The move is indicative of the authority’s commitment to elevating the efficiency of financial transactions and fostering innovative financial solutions, which are seen as pivotal in achieving broader financial inclusion across the nation.

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SAMA has reiterated the importance of consumers and businesses engaging with only licensed financial entities for their transactions. A comprehensive list of authorized institutions is available for public consultation on the official website of the Saudi Central Bank.

Tags: e-walletFinancial Inclusionpayment servicespoint-of-saleSaudi Central Bank
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