SAMA issues fees guide for financial institutions’ services

The Saudi Central Bank (SAMA) announced issuing the “Fees Guide for Financial Institutions' Services", which will replace the currently applicable “Banking Tariff" once it enters into force.

This step comes as part of SAMA's supervisory and regulatory role and its ongoing efforts to take measures that ensure the protection of customers of financial institutions, the central bank said in a statement.

According to SAMA, the guide aims to enhance financial inclusion by enabling access to financial institutions' services and products at reasonable and fair fees, while raising levels of disclosure and transparency in a manner that strengthens confidence in the financial sector. It also supports digital transformation by encouraging the provision of services through electronic channels, in addition to enhancing the protection of financial institutions' customers.

Moreover, the fees guide includes amendments to a number of fees, including a reduction in the maximum fees for several financial services provided to customers. This applies to administrative fees for certain financing products, reissuance of MADA cards, international purchase and cash withdrawal transactions, as well as financial transfers from bank accounts and electronic wallets.

The guide applies to all financial institutions subject to SAMA's supervision and regulation, including payment companies that provide a wide range of financial services. It represents the first edition in terms of the financial institutions covered and the third edition for the banking sector. The guide can be accessed through SAMA's rulebook on its website (link).