Enabling Civil Society Organizations to Issue Prepaid and Deposit Cards
| No: 43052802 | Date(g): 13/1/2022 | Date(h): 10/6/1443 |
Translated Document
In line with SAMA's commitment to facilitating access to banking services for all customer segments, including the non-profit sector, and recognizing that certain important banking products and services, such as prepaid cards and dedicated deposit services, are not available to associations and non-profit organizations at some banks.
Accordingly, SAMA reiterates to all banks that there is no restriction on offering the aforementioned products to customers from associations and non-profit organizations. The issuance of these products must be based on the joint signatures of the authorized signatories on the bank account, as required by Rules for Bank Accounts. Prepaid cards must also be funded based on joint signatures of the authorized signatories through the available banking channels.