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The Agent must be licensed to practice its commercial activity before the Bank applies for SAMA’s non-objection to the Agent to be contracted as a banking Agent.
2.
The following entities are eligible for appointment as Agents under this Regulation:
a.
Companies, except for commercial banks and finance companies, without prejudice to Companies Law;
b.
Post offices;
c.
SME businesses, such as chain stores;
d.
Mobile network operator agents;
e.
Foreign licensed companies registered through SAGIA; and
f.
Any other entities that SAMA may prescribe.
3.
The entity must not have been classified as a non-performing borrower by any banks in the last 12 months preceding the date of signing the contract (such information having been obtained from a licensed credit bureau). The Agent must maintain this status for the whole period of engaging in Agent Banking business.
4.
It is necessary to have appropriate physical infrastructure and human resources to provide the Agent Banking services required.
