SAMA Grants Licenses to Network International Arabia, Barraq

The Saudi Central Bank (SAMA) has granted licenses to “Network International Arabia” and “Barraq” for Payment Services.

“Barraq” received the green light to operate electronic wallet payment services. This move brings the total number of licensed companies in the realm of payment services in Saudi Arabia to 27.

Strategic Goals, Sector Enhancement

This strategic decision aligns with SAMA’s broader goals to nurture and strengthen the payment sector within the Kingdom. By issuing these licenses, SAMA is actively working to boost the efficiency and adaptability of financial transactions in the country.

The initiative is not just about enhancing transaction processes; it’s also focused on fostering innovation in the financial services industry.

Additionally, this is anticipated to lead to a more inclusive financial environment, ensuring that diverse financial services are readily accessible to various segments of the population, thereby promoting financial inclusion at a broader scale.

Ensuring Secure Financial Transactions

Consequently, exerting these efforts to maintain a secure and trustworthy financial environment, the Saudi Central Bank underscores the necessity of engaging with financial institutions that hold proper licensing or authorization from SAMA.

Finally, this step ensures that individuals and businesses are dealing with credible and authorized institutions, thereby safeguarding their financial activities and contributing to the overall stability and integrity of the financial sector in the Kingdom.

 

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