Prepaid Salary Cards for Domestic Workers

In the name of Allah, the Most Gracious, the Most Merciful

Arab Trade Foundation in Husrur
Headquarters

Banking Policy Department

Number: 371000120595
Date: 1437/11/21
Attachments:

Circular

Respected / Excellency,

Greetings,

Subject: Prepaid Salary Cards for Domestic Workers Product

Reference is made to the Noble Royal Order No. 2393 dated 1437/06/11 H regarding the opening of prepaid accounts (salary cards product) for domestic workers as a mechanism enabling employers to deposit monthly salaries into prepaid accounts, in coordination with the Monetary Authority and the Ministry of Interior. Following up on workshops held with bank representatives on 1436/07/10 H and 1437/03/06 H to discuss the product's operational mechanism, along with the developments and shared specifications for the salary cards of this worker category discussed therein.

Given the importance of this national program and its alignment with the Foundation's strategy aimed at implementing financial inclusion, reducing cash transactions, and developing banking products to match local market needs, the Foundation requests all banks participating in launching the salary cards product for domestic workers to adhere to the relevant directives, controls, and specifications discussed in the workshops, while following necessary procedures and required capabilities to handle account opening requests. This includes utilizing various banking technologies and ensuring cash availability through automated teller machines (ATMs) and other services required by program beneficiaries. All banks must be ready to launch the product no later than 1437/03/01 H, corresponding to 2016/11/30 M. It is noted that the Ministry of Labor and Social Development will mandate sponsors, both citizens and residents, to open prepaid bank accounts for their domestic workers under their sponsorship, and will launch a media campaign accordingly.

For the purpose of informing all concerned departments to act in accordance with it. Yours sincerely,

Brigadier General
Tariq bin Abdulrahman Al-Sudhan
Deputy Governor for Supervision

Distribution Scope:
Banks and financial institutions operating in the Kingdom

Number: 2992 SAB
Postal Address: ZI Center, Telefax 404400, Phone 463300, Fax 467241 Headquarters