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HomeEconomySurge in Saudi Remittances Marks Economic Progress

Surge in Saudi Remittances Marks Economic Progress

Expatriate Transfers Boost Saudi Economy

June 11, 2024
in Economy
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Riyadh Witnesses a Rise in Expatriate Remittances by 14 Percent

In April, expatriate remittances in Saudi Arabia experienced a notable 14 percent year-on-year surge, with figures reaching SR11.35 billion (approximately $3.03 billion), based on the most recent statistics.

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Simultaneously, remittance outflows from Saudi citizens, which represent a significant 30 percent of the overall personal transfers, recorded a substantial 30 percent growth during the same timeframe, amounting to SR4.94 billion, as reported by the Saudi Central Bank (SAMA).

The uplift in remittance activity is largely due to the initiation of new developmental initiatives that have spurred job creation, enhanced economic circumstances leading to increased personal income, and the advancements in digital remittance platforms.

Additionally, regulatory reforms have modernized the Kingdom’s governance and enforcement mechanisms, including the introduction of digital employment contracts, virtual legal proceedings, and online governmental services.

These reforms align with broader national objectives to establish Saudi Arabia as a top contender in global business ease.

Remittances are a form of cross-border payment often made by migrant workers to support family or friends in their home countries.

The remittance sector in Saudi Arabia is undergoing a significant transformation, propelled by the emergence of digital payment providers and fintech innovators.

Notably, entities like stc pay among others have been granted digital banking licenses, marking a first in the nation’s financial services industry.

Regulatory authorities within Saudi Arabia and across the MENA region have been instrumental in nurturing this growth, launching policies that safeguard consumers, enhance competition, and cultivate a conducive environment for digital financial services.

A study from February by IBS Intelligence cast a spotlight on the increasing preference for purpose-driven remittances, indicating a trend towards specialized services that meet particular needs over conventional cash transfers.

The study positions Prepay Nation as a key player in incorporating billions of consumers from developing economies into the formal financial system, an expansion made possible by the thriving prepaid market.

According to this research, the expansion of this sector not only promotes financial inclusion but also assures a reliable revenue source and reduces risk for both consumers and service providers.

Tags: Digital Bankingeconomic growthExpatriatesRemittancessaudi arabia
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