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2022-09-01

Updating Financial Institution KPIs

Saudi Central Bank (SAMA) has issued a circular updating the target values for two key performance indicators governing complaint processing quality via the "SAMA Muhtam" system, setting customer satisfaction at not less than 80% and escalated complaint closure in favor of customers at not more than 5%. Effective from the first quarter of 2023, all licensed banks, financing, insurance, and payment service providers must align their operations with these revised targets while maintaining compliance with other existing KPIs. SAMA will monitor performance quarterly and enforce regulatory measures against institutions that fail to meet the updated benchmarks.

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Saudi Arabia

Saudi Central Bank

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Saudi Central Bank (SAMA) Reference No.: 44009296 Date: 1444/02/05 (Hijri) Attachments: None

Circular

To Whom It May Concern, Greetings,

Subject: Partial Update on Financial Institution Performance Indicators (KPIs).

Reference is made to the Saudi Central Bank instructions superseded by Circular No. (42,27544) dated 28/04/1443H regarding the performance indicators for complaint processing quality via the "SAMA Muhtam" system.

We wish to inform you that it has been decided to update the target values for the following indicators:

Indicator NameCustomer Satisfaction Rate with Complaint ProcessingPercentage of Escalated Complaints Closed in Favor of the Customer After Processing
Target ValueNot less than 80%Not more than 5%

This takes effect from the first quarter of 2023, while other indicators and their target values remain as stipulated in the instructions referenced in the aforementioned circular. Please note that the Saudi Central Bank will monitor financial institutions' performance against these indicators on a quarterly basis and take regulatory actions against non-compliant entities.

Yours faithfully, Al-Kareem Yazed bin Ahmed Al-Sheikh Deputy Governor for Supervision

Distribution Scope:

  • Banks and financial institutions operating in the Kingdom.
  • Financing companies operating in the Kingdom.
  • Insurance companies operating in the Kingdom.
  • Payment service providers operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia | Tel: +966 11 463 3000 P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia | Phone: +966 11 463 3000

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