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2.2.1 Banking license

No: م أ ق/15631 Date(g): 4/6/2012 | Date(h): 15/7/1433

Effective from Jan 31 2025 - Jan 30 2025
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To issue a prepaid payment service product or acquire prepaid payment service transactions a financial institution must be a licensed bank in the Kingdom of Saudi Arabia, according to the Banking Control Law, issued by Royal Decree, No. M/5 Dated 22.2.1386 H, and licensed to provide financial services within the Kingdom of Saudi Arabia, with SAMA’s “no objection” prior to introduce any prepaid product.