Saudi Central Bank Introduces E-Wallets Rules to Enhance Financial Sector Stability

KSA, 14 November, 2024 : The Saudi Central Bank (SAMA) has issued the “E-Wallets Rules” as part of its regulatory oversight of Electronic Money Institutions (EMIs). This move aims to support the growth and stability of the financial sector while empowering EMIs.

The new rules outline compliance requirements for licensed EMIs, focusing on the security and protection of market participants. Key provisions include guidelines for opening e-wallets, client identity verification, and the management of inactive wallets.

SAMA previously shared a draft of the rules for public feedback, which was reviewed and incorporated into the final version. 

Source : www.sama.gov.sa