The Saudi Arabian Monetary Authority (SAMA) instructed banks operating in the Kingdom to complete their readiness to receive requests from car workshop owners and related services to provide point of sale service through the National Payments System (MADA) as of 18/03/1441 H corresponding to 15/11/2019.

     SAMA pointed out that this step comes in fulfillment of the strategic directions of the financial sector development program in reducing cash transactions and enhancing electronic payments in order to reach a non-monetary society. This comes further to SAMA’s efforts supporting the activating of electronic channels use, and reinforcing the efforts of the national program to combat commercial cover up by gradually oblige the retail sector to Provide an electronic payment method.

        In a circular addressed to banks, SAMA stated that, in cooperation with the Ministries of Municipal and Rural Affairs, Trade and Investment, the workshops and related services were obliged to provide Mada Point of Sale service as of to 1441/03/18 corresponding 15/11/2019.  In order to ensure the success of the special efforts to activate this decision and ensure the readiness of the banking sector to keep pace with the expected volume of applications, all banks must verify their readiness to receive requests to open bank accounts for workshops owners and related services as well as readiness to provide POS services through various bank channels such as branches, internet banking and telephone banking to facilitate the process for car workshop owners and related services, and to comply with the specified maintenance times as stipulated in the Mada Standards and Service Level Agreements .