INVITING PUBLIC TO PROVIDE FEEDBACK, SAMA ANNOUNCES PRELIMINARY DRAFT ON REGULATORY RULES OF BANKING AGENTS

وكلاء المصارف العامة

The Saudi Arabian Monetary Authority (SAMA) has announced a preliminary draft on the Regulatory Rules of Banking Agents operating in Saudi Arabia to be promulgated under the scope of financial inclusion promotion for all segments of the society, both citizens and residents. The step is aimed at diversifying channels of and facilitating access to financial and banking services of suitable quality. In this regard, SAMA would like to invite both the public and stakeholders to give their remarks and feedback on the draft no later than 30/02/1440H (10/11/2018).

The issuance of the draft comes in accordance with the Charter of the Saudi Arabian Monetary Authority promulgated by Royal Decree No. (23) dated 23/05/1377H and amended by the Banking Control Law issued by Royal Decree No. (M/5) dated 22/02/1386H. The step was taken as per the regulatory and supervisory role of SAMA towards financial institutions under its supervision, with emphasis being placed on promoting financial inclusion in Saudi Arabia. SAMA also pointed out that it has put in place a regulatory and supervisory framework for banking agents with a view to contributing to the achievement of its strategic objectives. The initiative aims to expand the penetration of banking services to reach unbanked and underbanked community members in remote regions.

SAMA noted that the Draft Regulatory Rules of Banking Agents was published at the following link:

http://www.sama.gov.sa/ar-sa/Laws/Pages/Banking.aspx

In implementation of transparency and engagement principles, SAMA is inviting the public and stakeholders to submit their comments to CPDF@SAMA.GOV.SA All received views and comments will be under study to finalize these Rules. This step comes in line with the objectives of the Financial Sector Development Program and to cope with the economic development witnessed in Saudi Arabia towards the accomplishment of the goals of Vision 2030.

Email address will not be published.This field is required.

*