3. Service & Transaction Fees
3.1 Participant Membership Fee
SAMA will charge an annual charge of SAR 50,000.00 to cover the expenses incurred in regards to operating & maintaining the Service.
3.2 Discounted Participant Membership Fee
Participants joining AFAQ within the first 6 months after completion of the Pilot Phase will receive a 50% reduction on the Participant Membership Fee.
During the discount period of 6 months, the amount of the Participant Membership Fee will be calculated as 1/12th of the annual fee for each month or part thereof from the date of joining.
From the start of the seventh month after completion of the Pilot Phase, Participant Membership Fee will revert to the full annual charge of SAR 50,000.00
3.3 Transaction Fees
A fee of SAR 12.00 will be charged for each payment message sent by the Participant.
3.4 Discounted Transaction Fees
No transaction fees will be charged during the Pilot Phase.
For a period of 6 months from the completion of the Pilot Phase, a discount on the transaction fees will apply resulting in a fee of SAR 10.00 to be charged for each payment message sent by the Participant.
From the start of the seventh month after completion of the Pilot Phase, transaction fees will revert to SAR 12.00 for each payment message sent by the Participant.