Regulatory Alerts2018-02-18
Raising the Purchase Limit for Mada Debit Card Transactions at POS Terminals
The Saudi Arabian Monetary Authority (SAMA) has issued a circular permitting banks to raise the maximum purchase limit for Mada debit card transactions at POS terminals to SAR 200,000 based on customer requests and bank assessments. Banks must fulfill technical requirements with Mada Center, provide fee-free limit adjustments via electronic channels, conduct customer awareness campaigns, and implement fraud monitoring systems. Starting September 30, 2018, banks may also approve limits exceeding SAR 200,000 for eligible customer segments after risk evaluation and must notify SAMA of the approved limits.
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