5. Guidelines for Applying for a License to Provide Payment Services
| Status: Modified |
Translated Document
Effective from Jan 31 2025 - Jan 30 2025
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- The company must read the Payment Services Providers Regulations carefully to understand the basic requirements. These can be accessed through SAMA’s website.
- The company must fill out the License Application Form and submit all required documents, regulatory requirements and, essential materials as specified in the licensing stages.
- The company must ensure that the electronic attachments and the required essential documents are verified and submitted in (PDF) format, with clear names for the files, avoiding the use of compressed files and large file sizes.
- 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.
- If the questions in the License Application Form include information that is not relevant to the company’s activities, the company should state "Not Applicable" and provide explanations in an attached file. Failure to complete the License Application Form may result in the rejection of the application.
- SAMA will notify the company upon receipt of the application and notify them of any deficiencies (if any).
- If there are any deficiencies, the company must complete them within 5 working days from the date of notification by the Central Bank.
- SAMA will notify the company whether the deficiencies in the application have been completed or not upon receipt.
- If the deficiencies are not completed within the specified period mentioned in item (7) above, the application will be considered closed, and the Central Bank will notify the company of the closure. The company may then submit a new application after meeting all the essential requirements for obtaining the required license.
- The Central Bank 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 the Central Bank. The Central Bank reserves the right to reject the license application if the company fails to provide the requested information or evidence within the specified period.
- 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.
- After completing the review of the application, SAMA may grant the company either a 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.
- SAMA has the right to conduct a field assessment visit to the company's premises as an additional evaluation step for granting the required license.