Gulf Countriesmoney and business

Saudi Central Bank Issues New Licenses to Leading Payment Services Companies “Network International Arabia” and “Barraq

Recently, the Saudi Central Bank, known as “SAMA,” announced a significant decision involving the issuance of new licenses to two companies in the payment services sector. The licensed companies are “Network International Arabia,” which will operate in the field of payment services via point of sale, and “Barraq,” specializing in payment services through electronic wallets.

With this addition, the total number of licensed companies in the Kingdom to provide payment services has risen to 27. This step is part of the Saudi Central Bank’s efforts to enhance and support the payment sector in the Kingdom, aiming to improve the efficiency and flexibility of financial transactions.

This decision aligns with the Central Bank’s commitment to encouraging innovation in financial services and its pursuit to expand financial inclusion, ensuring that financial services reach all segments of society.

Furthermore, the Saudi Central Bank urges citizens and residents to deal only with financial institutions licensed or approved by “SAMA,” pointing out the possibility of verifying these licenses by visiting its official website.

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