The Saudi Central Bank (SAMA) has granted a license to “Majd Saudi Payments” to operate payment services through electronic wallets, contributing to the enhancement of the Kingdom’s financial landscape.
According to a report from SAMA, the total number of licensed companies in this field has now increased to 26, reflecting the rapid growth of the payments sector in Saudi Arabia.
This decision is an important step in the Saudi Central Bank’s strategy to improve the financial environment in the Kingdom by strengthening and developing the payments sector.
The central bank is continuously working to enhance the efficiency of the financial system in line with global developments in financial technology, with the aim of facilitating financial transactions for both the public and private sectors, whether for individuals or businesses.
The new license comes at a time when the payments sector in Saudi Arabia is undergoing a significant digital transformation, with increasing demand for innovative and secure solutions that simplify electronic payment processes.
Electronic wallets are considered one of the key financial solutions that help simplify payment and transfer operations, thereby enhancing individuals’ ability to conduct their financial transactions easily and securely.
The Saudi Central Bank places great importance on encouraging innovation in the financial services offered.
SAMA aims to provide a supportive environment for technological development, allowing companies and institutions to offer new and advanced services that meet the needs of both citizens and residents in the Kingdom.
Additionally, the central bank aims to increase financial inclusion in Saudi Arabia by making financial services more accessible to all segments of society, including groups that previously lacked access to such services.
SAMA also stresses the importance of dealing only with financial institutions that are licensed or authorized by the Saudi Central Bank.
Citizens and residents can verify the licensing status of any financial institution by visiting the Saudi Central Bank’s website, which provides comprehensive details about licensed companies operating in the Kingdom.
These steps are in line with Saudi Arabia’s Vision 2030, which seeks to strengthen the Kingdom’s position as a leading financial hub in the region and globally.
It also reflects the Saudi Central Bank’s commitment to developing an advanced financial system that keeps pace with global economic transformations and supports sustainable growth in the Kingdom.
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