Regulatory Alerts2024-01-06
Enabling the Provision of Various Types of Electronic Payments for Charities and Non-Profit Organizations
The Saudi Central Bank, in coordination with relevant authorities, has authorized charities and non-profit organizations to utilize various approved electronic payment solutions, including mobile (GPRS) point-of-sale devices. This directive amends previous regulations that restricted these entities to landline-connected POS terminals and fourth-generation technology upgrades, contingent upon obtaining approval from the National Center for Non-Profit Sector Development. The updated framework takes immediate effect and applies to all domestic banks, payment service companies, and Saudi Payments Company.
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