Riyadh, January 22, 2024, The Saudi Central Bank (SAMA) has granted licenses to two companies – "Network International Arabia" for providing payment services through points-of-sale (POS) and "Barraq" for offering e-wallet services. With the inclusion of these two companies, the total number of licensed entities offering payment services in Saudi Arabia has now reached 27.
This move is part of SAMA's ongoing efforts to support the payments sector, enhance the efficiency of financial transactions, and encourage innovative financial solutions to promote financial inclusion in Saudi Arabia.
SAMA emphasizes the importance of exclusively dealing with authorized financial institutions. For a comprehensive list of licensed and permitted financial institutions, individuals are encouraged to visit SAMA's official website. This transparency in information is crucial for consumers and businesses, ensuring they engage with authorized entities in the financial sector.
