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The Saudi Central Bank (SAMA) is advancing a broad regulatory push aimed at strengthening transparency, affordability, and stability across the kingdom’s financial sector.
Through the issuance of a new fees framework for financial institutions and updated implementing regulations governing finance companies, the central bank is signaling a sharper focus on consumer protection, digital adoption, and sustainable sector growth. The latest announcements underscore SAMA’s role as supervisor and regulator while aligning financial services more closely with market efficiency and customer confidence today online.
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The authority announced the issuance of the “Fees Guide for Financial Institutions’ Services,” which will replace the currently applicable “Banking Tariff” once it enters into force. Issued as part of SAMA’s supervisory and regulatory mandate, the guide is designed to protect customers of financial institutions while improving clarity around pricing structures, according to a Saudi Press Agency report.
The Fees Guide aims to enhance financial inclusion by enabling access to financial institutions’ services and products at reasonable and fair fees, while raising levels of disclosure and transparency to strengthen confidence in the financial sector. It also supports digital transformation by encouraging the delivery of services through electronic channels and reinforces customer protection standards across the sector.
Key amendments include reductions in the maximum fees charged for several financial services provided to customers. These include administrative fees for certain financing products, reissuance of mada cards, international purchase and cash withdrawal transactions, and financial transfers from bank accounts and electronic wallets.
The guide applies to all financial institutions subject to SAMA’s supervision and regulation, including payment companies offering a wide range of financial services. It represents the first edition in terms of the financial institutions covered and the third edition for the banking sector. The Fees Guide for Financial Institutions’ Services is available through SAMA’s Rulebook on its website.
Updated regulations strengthen finance sector oversight
SAMA also announced the issuance of the updated Implementing Regulation of the Finance Companies Control Law, reinforcing its oversight of the finance sector and its commitment to stability and growth. The updated regulation is intended to regulate the requirements for practicing all financing activities, while modernizing key provisions affecting licensed entities.
The updates include revisions to the aggregate finance amount offered by finance companies, changes to bank guarantees required for licensing applications, and amendments to provisions related to related parties. They also address procedures for handling cases involving the expiration of licenses granted to finance companies, providing clearer regulatory guidance for the market.
As part of the update, SAMA repealed the Rules Regulating Consumer Microfinance Companies and the Rules of Engaging in Microfinance Activity, while amending the Rules of Licensing Finance Support Activities. The central bank previously published a draft of the updated implementing regulation, inviting comments and feedback from the public and sector experts. Feedback received during the consultation process was reviewed and reflected in the final version, underscoring SAMA’s consultative approach to regulatory reform. Both documents are available on SAMA’s website.
