As part of the efforts to protect the
interests of banking and financial sector customers in Saudi Arabia, the Saudi
Arabian Monetary Authority (SAMA) has officially launched SAMACares mobile
application. Consumer protection is a strategic goal SAMA is keen to achieve by
ensuring fair and safe treatment and accessibility of financial services at all
levels.
SAMACares application serves all
customers of sectors under the supervision of SAMA (banks, insurance companies,
finance companies, and payment companies). The application is available on
Apple Store and Google Play in Arabic and English.
First-time users can create a new file
to submit, view, and follow up complaints, respond to inquiries and requests
received from the bank/company, and view closed requests.
The application offers links to
awareness media center (image and video library) to give all users access to
reliable financial information and consumer rights and responsibilities
stipulated by SAMA laws and regulations.
SAMACares is an advanced electronic
platform that allows customers of banking and financial sectors to submit and
follow up complaints in a clear and fast way. This can be achieved by enhancing
disclosure and transparency; especially on prices, fees, commissions, and
complaint submission procedures; reduce customer default risks by ensuring that
financial institutions observe disciplined lending; review and handle customer
complaints; and suggest corrective controls to reduce the number of complaints
submitted. In addition to raising the level of guidance and awareness using all
available channels, preparing and developing consumer protection policies and
laws, and cooperating with local and international entities concerned with
consumer protection.
Therefore, SAMA encourages all banking
and financial sector customers to practice their rights that are guaranteed by
SAMA laws and regulations. In the event of violation or damage, please contact
your bank/company first. If not cooperating, you can submit a complaint to SAMA
Consumer Protection Department through www.SAMACares.sa, SAMACares
mobile application, or by contacting toll-free number 8001256666. SAMA
emphasizes that it will impose penalties and take all relevant measures
stipulated in laws against violators in order to ensure consumer protection and
integrity of the financial sector in Saudi Arabia.