Saudi Arabia

Saudi Central Bank Allocates Payment Licenses To Network International Arabia and Barraq

by Fintechnews Middle East 25. January 2024

The Saudi Central Bank (SAMA) licensed “Network International Arabia” to provide payment services through points-of-sale (POS), and “Barraq” to offer e-wallet services. With the addition of these two companies, there are now 27 licensed companies offering payment services in Saudi Arabia.

This decision reflects SAMA’s endeavor to support the payments sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.