2.2 License to Issue and/or Acquire prepaid Payment Services
2.2.1 Banking license
To issue a prepaid payment service product or acquire prepaid payment service transactions a financial institution must be a licensed bank in the Kingdom of Saudi Arabia, according to the Banking Control Law, issued by Royal Decree, No. M/5 Dated 22.2.1386 H, and licensed to provide financial services within the Kingdom of Saudi Arabia, with SAMA’s “no objection” prior to introduce any prepaid product.
2.2.2 Regulatory Rules
A Prepaid issuer or acquirer operating in the Kingdom of Saudi Arabia shall be allowed to issue or acquire prepaid payment services within all acceptance categories (Open Loop, Restricted Loop, Closed Loop) & prepaid payment service segments (Payroll Cards, Youth Cards, etc.) in both the reloadable & non-reloadable variants, as long as the requirements contained within these rules are me