RIYADH: The Saudi Central Bank, also known as SAMA, announced the issuance of the Financial Institutions Services Fee Guide, which will replace the currently applied Banking Tariff once it comes into force.
This step comes as part of SAMA’s supervisory and regulatory role and its continued efforts to take measures aimed at protecting customers of financial institutions.
The Financial Institutions Services Fee Guide aims to enhance financial inclusion by enabling access to the services and products of financial institutions at reasonable and fair fees, and by raising levels of disclosure and transparency, thereby contributing to strengthening confidence in the financial sector.
It also seeks to support digital transformation by encouraging the provision of services through electronic channels, in addition to enhancing the protection of financial institution customers.
The guide includes amendments to a number of fees, including reductions to the maximum limits of fees for several financial services provided to individual customers.
These include administrative fees associated with certain financing products, the reissuance of Mada cards, international purchase and cash withdrawal transactions, as well as fees for financial transfers from bank accounts and electronic wallets.
The guide applies to all financial institutions subject to the supervision and oversight of the Saudi Central Bank, including payment companies that provide a wide range of financial services.
This guide represents the first edition in terms of the financial institutions covered and the third edition for the banking sector.
The Financial Institutions Services Fee Guide can be accessed by visiting the Rules Booklet on SAMA’s website.
Source: www.arabnews.com