These guidelines must be adhered to in accordance with the payment services providers regulations, in addition to the relevant regulations, rules and instructions issued by SAMA.

For the purpose of applying the provisions of these guidelines, the following words and phrases—wherever mentioned in these guidelines—shall have the meanings assigned thereto, unless the context requires otherwise:

Central Bank: The Saudi Central Bank "SAMA."

Rules: The Payment Services Providers Regulations.

Guidelines: The guidelines for applying for a license to provide payment services.

Company: The licensed payment services company authorized to conduct payment services in accordance with the Payment Services Providers Regulations.

The guidelines aim to clarify the regulatory procedures and requirements that must be met when applying for a license to provide payment services by companies. The company may apply for one of the following types of licenses as specified in the Payment Services Providers Regulations:

•  Micro Electronic Money Institution "E-Wallet" (Micro EMI).
•  Major Electronic Money Institution "E-Wallet" (Major EMI).
•  Micro Payment Institution (Micro PI).
•  Major Payment Institution (Micro PI).

The stages of issuing the license vary according to the classification of companies as follows:

     -Issuance of License for New Companies:

Obtaining the required license for both: new companies (under establishment) and existing companies whose activities do not include the provision of payment services, involves going through two phases:

• Initial Approval Stage: The company must submit all regulatory requirements in accordance with Article 6.6 of the Payment Services Providers Regulations, and all the required basic documents as outlined in Appendix (A) of these guidelines. These documents must be signed and officially certified to support the company's request for preliminary approval. This approval is necessary to complete the basic licensing requirements and procedures, including the issuance of the commercial registration and notarization of the memorandum of association with the Ministry of Commerce, in preparation for the final license to be issued by SAMA.

• Licensing Stage: The company must submit all the required basic documents as outlined in Appendix (B) after fulfilling the necessary signatures and obtaining regulatory approval, to support the company's request for the required license to begin providing payment services.

  -Issuance of License for Existing Companies:

  Obtaining the required license for existing companies that provide payment services in the Kingdom involves going through only one stage:

  Licensing Stage: The company must submit all regulatory requirements in accordance with Article 6.6 of the Payment Services Providers Regulations, and all required basic documents as outlined in Appendix (B. after fulfilling the necessary signature and obtaining regulatory approval to support the company's request for the required license to begin providing payment services.

These guidelines apply to all types of payment service companies.

1. The company must read the Payment Services Providers Regulations carefully to understand the basic requirements, as they can be accessed through SAMA’s website.
2. The company must fill out the License Application Form and submit all required documents, regulatory requirements and, basic documents as specified in the licensing stages.
3. The company must ensure that the electronic attachments and the required basic documents are verified and submitted in (PDF) format, with clear names for the files and avoid using file format and large sizes.
4. The company must provide accurate, clear, and complete information as required in the License Application Form and disclose any additional relevant information. The applicant is also responsible for ensuring that no misleading information is provided in any form, as this could reduce the chances of obtaining the license.
5. If the questions in the License Application Form include information that is not related to the company’s activities, the company should state "Not Applicable" and explain the reasons in an attached file as failure to complete the License Application Form may result in the rejection of the application.
6. SAMA will notify the company upon receipt of the application and notify them of any deficiencies (if any).
7. If there are any deficiencies, the company must complete them within 5 working days from the date of notification by the SAMA.
8. SAMA will notify the company whether the deficiencies in the application have been completed or not upon receipt.
9. If the deficiencies are not completed within the specified period mentioned in item (7) above, the application will be considered closed, and SAMA will notify the company of the closure. The company may then submit a new application after meeting all the basic requirements for obtaining the required license.
10. SAMA may request additional information or evidence from the company at any stage of the licensing process. The company must provide this information or evidence upon request within 30 calendar days from the date of the request, unless otherwise specified by SAMA. SAMA reserves the right to reject the license application if the company fails to provide the requested information or evidence within the specified period.
11.   After the completion of the application, SAMA will notify the company in writing of its decision within 90 days. SAMA may extend this 90-day period if deemed necessary. The company will be informed of the revised timeline.
12. After completing the review of the application, SAMA may grant the company either an initial approval to enable it finalize the procedures for establishing the company and registering it in accordance with the Companies Law at the Ministry of Commerce, followed by completing the basic licensing requirements, or it may grant the required license to provide payment services.
13. SAMA has the right to conduct a field assessment visit to the company's workplace as an additional evaluation step for granting the required license.

The company must submit a completed License application Form along with the basic documents and attachments in both hard and soft copies, so that the hard copy should be sent to the following postal address:

SAMA 

Payment Systems and Companies Control Department

King Saud Road

Riyadh 11169

P.O. Box 2992

The electronic copy should be sent to the following email address:

LICPayments@SAMA.GOV.SA