Riyadh, November 25, 2024 – The Saudi Central Bank (SAMA) has officially granted a license to Bawabat Al-Umulat Exchange, authorizing the company to engage in the purchase, sale, and trade of foreign currencies within the Kingdom of Saudi Arabia. With this new addition, the total number of licensed money exchangers in the country has now reached 65, further solidifying the Kingdom's robust financial ecosystem.
This strategic move by SAMA is in line with the bank's ongoing efforts to foster a competitive and efficient financial sector. By expanding the number of licensed money exchange businesses, SAMA aims to ensure that consumers have access to secure and reliable foreign exchange services, while also enhancing the overall efficiency of financial transactions across Saudi Arabia.
In its official statement, SAMA emphasized the importance of conducting all currency exchange operations through authorized financial institutions. The Central Bank reiterated its commitment to ensuring that individuals and businesses alike can rely on regulated and transparent financial services. To ensure compliance, SAMA has made available a comprehensive list of all licensed and permitted financial institutions on its official website, www.sama.gov.sa, where individuals can verify authorized companies and avoid potential risks associated with unlicensed providers.
This licensing decision is a key component of SAMA’s broader strategy to enhance financial inclusion within Saudi Arabia. By enabling more regulated entities to operate in the money exchange sector, the Central Bank is contributing to the growth of a stable and accessible financial environment for all residents and businesses. This also aligns with the broader objectives of Vision 2030, which includes fostering a dynamic financial services industry and positioning Saudi Arabia as a leading global financial hub.
The addition of Bawabat Al-Umulat Exchange to the roster of licensed money exchangers marks an important milestone in the evolution of the Saudi financial landscape, reinforcing the Kingdom's commitment to maintaining the integrity and growth of its financial services sector. As the industry continues to evolve, SAMA’s focus on regulatory oversight and consumer protection remains at the forefront of its operations.