Article 45

No: 000044093096

Date(g): 13/6/2023 | Date(h): 24/11/1444

Status: In-Force

(1)

As an on-going capital requirement, Licensees must maintain regulatory capital as set out in this Article.

(2)

A Micro PI and Micro EMI must maintain an amount equal to the initial capital requirement stated in Article 44 of the Implementing Regulations.

(3)

A Major PI must maintain an amount equal to the higher of:

(a)	The initial capital requirement stated in Article 44 of the Implementing Regulations.
(b)	1% of the Major PI’s Average Monthly Payment Transaction Value.

(4)

A Major EMI must maintain an amount equal to the higher of:

(a)	The initial capital requirement stated in Article 44 of the Implementing Regulations.
(b)	2% of the Total Average Outstanding Electronic Money.

(5)

A Payment Service Provider must provide evidence of its compliance with its on-going capital requirements by providing the following:

(a)	A certified copy of a license issued by the competent licensing authority in the Kingdom showing its paid-up capital;
(b)	Audited financial statements by a certified public accountant in the Kingdom;
(c)	Any other method deemed acceptable by SAMA.

(6)

A Payment Service Provider must comply with the relevant accounting standards applicable in the Kingdom, as determined by SAMA in this regard.