The Saudi Central Bank (SAMA) has announced the licensing of Majd Saudi Payments Company to provide payment services via electronic wallets. This addition raises the total number of licensed payment service providers in the Kingdom to 26 companies.
This strategic move underscores SAMA’s commitment to bolstering and empowering the payments sector by enhancing the efficiency and flexibility of financial transactions. It also aligns with SAMA’s efforts to encourage innovation in financial services, ensuring greater accessibility for all segments of society.
The initiative is a significant step toward improving financial inclusion, one of the Kingdom’s key objectives. By fostering innovation and supporting cutting-edge payment solutions, SAMA continues to pave the way for a robust and modern financial ecosystem in Saudi Arabia.
Majd Saudi Payments Company’s entry into the market is expected to further enhance competition and provide diverse solutions, catering to the evolving needs of consumers and businesses alike.
