The Saudi Central Bank, also known as SAMA, has declared that the Financial Institutions Services Fee Guide will be released, substituting the currently applied Banking Tariff once it comes into force.
This action is in line with the supervisory and regulatory role of SAMA and its further attempts to implement measures that are expected to protect the financial institution’s customers.
The Financial Institutions Services Fee Guide will solve the financial inclusion problem by making it possible to gain access to the services and products of financial institutions at fairly reasonable and adequate fees, and by increasing the amounts of disclosure and transparency, which will lead to the improvement of confidence in the financial sector.
It also aims at facilitating the digital transformation by promoting the delivery of services via the electronic medium, besides improving the security of the customers of financial institutions.
Meanwhile, the guide also contains changes to several fees, such as decreasing the maximum amounts of fees on several financial services offered to individual customers.
Among these are administrative charges on some financing products, reissuance of Mada cards, international purchase and cash withdrawal operations, and charges on financial transfers between bank accounts and electronic wallets.
The guide applies to all financial institutions in which the Saudi Central Bank is engaged in supervising and overseeing operations, such as payment firms that offer a broad spectrum of financial services.
This guide is both the first edition with respect to the financial institutions addressed and the third edition as regards the banking sector. The Financial Institutions Services Fee Guide may be found at the Rules Booklet on the Webpage of SAMA.
