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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
(1)
A contract for services provided by an EMI must be consistent with the requirements for EMIs as set forth in this Article.
(2)
An EMI must issue Electronic Money at par value on receipt of Funds.
(3)
An EMI may not:
(a)
Grant interest related to the length of time the Electronic Money is held by the EMI;
(b)
Provide any other benefit related to the length of time during which the Electronic Money is held by the EMI;
(c)
Offer an overdraft facility to a Payment Service User (but an EMI may partner with a Licensed Bank or other appropriately licensed entity, approved by SAMA, for such Licensed Bank or approved entity to offer an overdraft facility, provided the EMI has obtained the prior approval of SAMA; or
(d)
Use any Safeguarded Funds for any other purposes than in accordance with the Implementing Regulation, including lending.
(4)
At the request of the Payment Service User, an EMI must redeem the Funds’ value of the Electronic Money held at any time and at par value.
(5)
An EMI must ensure that the contract between it and a Payment Service User prominently and clearly states the conditions of redemption, including any fees relating to redemption.
(6)
Any fees for redemption must be proportionate and commensurate with the actual costs incurred by the EMI.
(7)
Upon termination of the contract between a Payment Service User and an EMI, the EMI must redeem the total remaining Funds’ value of the Electronic Money held by the Payment Service User. In cases where the redemption fees exceed the remaining balance of Electronic Money, such that the proceeds of any redemption would be nil, the EMI may cease to safeguard the relevant Safeguarded Funds.
(8)
An EMI must show the holder of the Electronic Money how the balance has been used up by any redemption fee.
