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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 service contract provided by the electronic money company to the payment service user shall be compatible with the requirements of the electronic money companies stipulated in this Article.
2.
The electronic money company shall issue electronic money at nominal value upon receipt of the funds.
3.
An electronic money company may not do any of the following activities:
A.
Granting interest connected with the length of time when the electronic money company holds the electronic money.
B.
Providing any benefits associated with the length of time when the electronic money company holds the electronic money.
C.
Providing overdraft facilities to the payment service user, taking into account the possibility of the electronic money company entering into a partnership with a bank or facility licensed by the SAMA, in order to provide overdraft facilities through that bank or entity licensed for these purposes, after obtaining the approval of the SAMA.
D.
Using any protected funds for any purpose inconsistent with the provisions of the Regulations, including the granting of credit.
4.
The electronic money company shall - upon the request of the payment service user - refund the value of the electronic money it stores at any time at its nominal value.
5.
The electronic money company shall ensure that the contract concluded between it and the payment service user clearly and explicitly stipulate the conditions for redemption and any fees in relation thereto.
6.
Any redemption fees shall be proportionate and consistent with the actual costs incurred by the electronic money company.
7.
The electronic money company shall refund the full value of the remaining electronic money funds held by the payment service user upon termination of the contract between the payment service user and the electronic money company. In cases where the redemption fee exceeds the remaining balance of e-money such that the proceeds from any redemption are nil, the e-money company may cease to protect the protected funds.
8.
The electronic money company shall explain to the e-money owner the manner in which the remaining balance has been consumed via any redemption fees.
