Regulatory Alerts2019-04-04
Preparedness of Banks to Receive Requests from Gas Station Operators and Service Centers to Provide POS Terminals Connected via the National Payment System (Mada)
The Saudi Central Bank issued a circular requiring all banks to prepare for receiving and processing requests from gas station operators and affiliated service centers for POS terminals via the National Payment System (Mada), effective 11/11/1440 AH. Banks must ensure prompt account opening, handle POS terminal requests across branches, internet banking, and telephone banking while adhering to Mada maintenance standards, restrict discounted fuel pricing models exclusively to fuel sales, and circulate the directive internally to staff. This mandate aligns with Saudi Vision 2030 by accelerating financial inclusion and reducing cash transactions across the Kingdom's retail sector.
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