SAMA ANNOUNCES RAISING E-WALLET TOP-UP MONTHLY CEILING LIMIT UP TO 20,000 SAR
The Saudi Arabian Monetary Authority (SAMA) has informed the licensed Payment Services Providers (PSPs) in the kingdom, with its decision to raise the allowed top-up of the monthly ceiling limit for e-wallets up to (20,000) SAR. This is based on SAMA’s supervisory and regulatory role and is in line with the goal of boosting the digital payment transactions, in accordance with the prudential procedures taken to prevent the spread of the corona virus (COVID-19). This should contribute to the hygiene of the users of the digital payments, and smoothen their payment transactions via e-wallets applications provided by those PSPs.
SAMA also emphasized that PSPs should implement a number of procedures in accordance with the announcement above, including providing the needed support to the clients by providing the appropriate communication channels, as well as providing the required guidance and instructions of the services they provide.