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Circular for Money Exchange Centers to Provide Points of Sale (POS)

No: 44016668 Date(g): 25/9/2022 | Date(h): 29/2/1444 Status: In-Force

Effective from 2022-09-25 - Sep 24 2022
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Based on paragraph (B) of Article Fourteen of the regulations governing the practice of money exchange issued by Ministerial Decision No. (4686) dated 21/11/1441 H, and in line with the Central Bank's ongoing efforts to develop the money exchange sector in the Kingdom, a standardized pricing model has been developed for point-of-sale (POS) services for transactions made via Mada cards at exchange centers.

We would like to emphasize that all exchange centers must provide and activate point-of-sale (POS) services effective immediately for the benefit of customers. Failure to comply with and adhere to these regulations and instructions will result in the Central Bank implementing legal penalties.