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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
The electronic money company shall be considered a small electronic money company if the following requirements are met:
A.
Ensure that the total average amount of outstanding electronic money does not exceed ten million riyals.
B.
The average value of monthly payment transactions do not exceed ten million riyals.
C.
No payment service user is permitted to possess more than twenty thousand riyals in electronic money in total through all the accounts he disposes of, taking into account Paragraph 3 of this Article.
D.
No payment service user is permitted to carry out payment transactions exceeding twenty thousand riyals in a calendar month in total, including cash withdrawals and excluding withdrawals made when the electronic money account is closed, taking into account Paragraph 3 of this Article.
2.
The electronic money company shall e considered a large electronic money company if it exceeds any of the limits stipulated in the above-mentioned paragraph of this Article.
3.
The small electronic money company shall meet the specific requirements determined as follows:
A.
The small electronic money company that has not yet started issuing e-money or has been doing so for less than twelve calendar months ensures that the expected total outstanding average e-money for its initial period of transactions of twelve months do not exceed ten million riyals.
B.
The small electronic money company, which has not yet started providing the relevant payment services or has been providing the relevant payment services for a period of less than twelve calendar months, ensures that the expected average value of monthly payment transactions does not exceed the amount of ten million riyals.
4.
SAMA may increase one or more of the limits stipulated in Paragraph 1 of this Article if the small electronic money company submits an application containing valid reasons for doing so and is committed to developing the necessary laws and controls to monitor those limits, taking into account the authority of SAMA to restrict its approval to additional conditions as it deems appropriate.
5.
The large electronic money company shall adhere to the following requirements:
A.
Never allow any payment service user to possess electronic money in excess of one hundred thousand riyals in electronic money in total, across all accounts used by the relevant payment service user.
B.
Never allow any payment service user to carry out payment transactions exceeding one hundred thousand riyals in a calendar month in total, including cash withdrawals, excluding the withdrawals made when the electronic money account is closed.
6.
SAMA may increase one or more of the limits stipulated in Paragraph 5 of this Article if the large electronic money company submits an application containing valid reasons for doing so and is committed to developing the necessary laws and controls to monitor those limits, taking into account the authority of SAMA to restrict its approval to additional conditions as it deems appropriate.
