he Saudi Arabian Monetary Authority (SAMA) would like to announce the issuance of the Rules Regulating Agent Banking. The Rules set the regulatory framework for the provision of banking services and products through banking agents and are issued in accordance with SAMA’s Charter 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.
This comes as part of SAMA’s efforts to enhance financial inclusion by expanding the scope of banking services in underserved areas in line with the objectives of the Financial Sector Development Program and to keep abreast with the economic development witnessed in Saudi Arabia to achieve Vision 2030.
The Rules aim to expand the scope of banking services and products; enhance financial inclusion for the unbanked or underbanked population while maintaining the soundness and stability of the banking sector; encourage banks to contract with agents when offering banking services to reduce the cost of banking services; provide a regulatory and supervisory framework for Agent Banking, which will enable the offering of banking services and products whilst ensuring full compliance with the Banking Control Law and SAMA’s instructions; provide the minimum standards and requirements for Agent Banking; outline the permissible activities that can be carried out by a Banking Agent; and provide a set of minimum standards of data and network security, consumer protection and risk management to be adhered to in the conduct of Agent Banking.
SAMA would like to point that it has published the draft Rules on its website for public consultation prior to final approval and took all the feedback it has received into account. To view the Rules please visit the websit through the link: