Saudi Central Bank Issues New Financial Institutions Services Fee Guide

The Saudi Central Bank, also known as SAMA, has announced the issuance of the Financial Institutions Services Fee Guide, which will replace the currently applied Banking Tariff once it comes into effect. The move reflects SAMA’s ongoing role in supervising and regulating the Kingdom’s financial sector and its commitment to protecting customers of financial institutions.

“The Financial Institutions Services Fee Guide aims to enhance financial inclusion by enabling access to the services and products of financial institutions at reasonable and fair fees, and by raising levels of disclosure and transparency, thereby contributing to strengthening confidence in the financial sector,” the central bank said.

The guide is designed to encourage the use of electronic channels, supporting digital transformation while reinforcing the protection of financial institution customers. It introduces changes to several fees, including reductions to the maximum limits for key services offered to individual customers. These adjustments cover administrative fees linked to certain financing products, reissuance of Mada cards, international purchases, cash withdrawals, and fees for financial transfers from bank accounts and electronic wallets.

The guide will apply to all financial institutions under SAMA’s supervision, including payment companies that provide a broad range of financial services. SAMA emphasized that the guide is the first edition for the wider financial sector and the third edition specifically for the banking sector.

By providing clearer rules and lowering certain fees, the guide aims to make financial services more accessible while improving transparency across the industry. The central bank has made the Financial Institutions Services Fee Guide available online, allowing institutions and customers alike to review the updated regulations through SAMA’s Rules Booklet on its website.

SAMA’s announcement underscores the Kingdom’s continued focus on building a robust and customer-centric financial sector. The new guide is expected to strengthen confidence in financial institutions by ensuring that fees are fair, disclosed, and applied consistently. It also highlights SAMA’s ongoing efforts to modernize the sector and facilitate greater access to banking and financial services through digital channels.

The updated fee framework is likely to benefit consumers by reducing costs for common banking activities while encouraging financial institutions to expand electronic service offerings. Analysts said the guide represents a significant step in improving both customer protection and financial inclusion in Saudi Arabia, aligning with broader goals to modernize the Kingdom’s financial landscape and promote transparency.

The guide comes at a time when the Saudi financial sector continues to grow, with digital banking and electronic payment services playing an increasingly important role in meeting the needs of a tech-savvy population. By standardizing fees and promoting transparency, SAMA is positioning the financial sector to maintain trust and accessibility as it evolves.