We inform you that the Central Bank has received a letter from the Minister of Human Resources and Social Development, number (187807), dated 18/10/1442 H, including a request to direct banks and financial institutions to support the solutions provided by Mudad Business and to expedite the connection with the Mudad platform. This includes providing all necessary banking services for establishments and individuals. The platform offers a payroll management program that enables and facilitates employers and small and medium-sized enterprises to conduct wage transfers for workers at nominal fees in a secure and documented manner. This contributes to increasing transparency and protecting workers' wages in the Kingdom, as well as helping combat commercial concealment and money laundering operations.

Accordingly, the Central Bank urges all banks and financial institutions operating in the Kingdom to electronically connect with the Mudad platform to enable it to provide necessary services for small and micro-enterprises and individuals.

For your information and action accordingly, effective from this date.