SAMA allows 2 banks to contract with commercial firms as banking agents

25/10/2020 Argaam

The Saudi Arabian Monetary Authority (SAMA) granted no objection to two banks on contracting with commercial companies as banking agents.

 

The agreements are expected to be officially announced within the upcoming period, Al-Eqtisadiah newspaper reported.

 

According to SAMA, the rules regulating the practice of banking agency activity require that banks obtain a non-objection from the authority, so that they are eligible to contract with the facilities as their agents.

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