Regulatory Alerts2018-01-20
Banks’ Preparedness to Receive Applications for Prepaid Salary Cards of Domestic Workers
The Saudi Central Bank (SAMA) issued this circular to ensure banking sector readiness for the official launch of the Domestic Workers’ Wages Protection Project by mandating that issuing banks implement advance planning, clarify subscription steps across marketing channels, and circulate internal guidelines to branch and mobile banking staff. The directive requires banks to provide SAMA with a dedicated electronic subscription link for the Musaned portal within one week of issuance and to leverage internet and mobile banking technologies to facilitate employer subscriptions during the program’s six-month grace period. These operational requirements align with SAMA’s financial inclusion strategy by reducing cash transactions and developing banking products that meet local market demands.