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2-1-B Restricted Loop Prepaid Payment Services

No: م أ ق/15631 Date(g): 5/4/2015 | Date(h): 16/6/1436

Effective from Jan 31 2025 - Jan 30 2025
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A restricted loop prepaid products may or may not be reloadable. Restricted loop prepaid payment service product is not allowed to provide cash withdrawal functionality at ATMs or transfer of funds onto a bank account.

Any Issuer (refer to 1.2.1 Issuing Programme Manager) proposing to operate restricted loop prepaid programme must seek SAMA’s “no objection” to the proposed programme at a contracting entity level.

A restricted loop prepaid payment service issued in the Kingdom is not allowed to provide cross-border payment functionality, unless permitted by SAMA.