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 Service Providers Regulations carefully to understand the basic requirements. These can be accessed through the Saudi Central Bank’s "SAMA" website.
- The company must fill out the Application Form for Payment Services Provider and submit all required documents and basic materials as specified in the licensing stages.
- 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, avoiding the use of compressed files and large file sizes.
- The company must provide accurate, clear, and complete information as required in the Application Form for Payment Services Provider 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 Application Form for Payment Services Provider include information that is not relevant to the company’s activities, the company should write "Not Applicable" and provide explanations in an attached file. Failure to complete the Application Form for Payment Services Provider may result in the rejection of the application.
- The Central Bank will notify the company upon receipt of the application and inform them of any deficiencies (if any).
- If there are any deficiencies, the company must address them within 5 business days from the date of notification by the Central Bank.
- The Central Bank will notify the company whether the deficiencies in the application have been addressed or not upon receipt.
- If the deficiencies are not addressed 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 basic 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.
- The Central Bank will notify the company in writing of its decision within 90 days from the completion of the application. The Central Bank 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, the Central Bank may grant the company either a preliminary approval to enable it to finalize the company's establishment and registration with the Ministry of Commerce, followed by completing the basic licensing requirements, or it may grant the required license to provide payment services.
- The Saudi Central Bank (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.