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Sama issues rules for prepaid card services in Saudi Arabia

New rules have been issued by the Saudi Arabian Monetary Agency (Sama) for prepaid services in the kingdom, laying down the regulatory framework for these services, Saudi Gazette has reported. Under the new regulations, local banks may provide prepaid services to interested clients after the latter open a bank account, deposit an amount, and issued an electronic cash card which is used for purchasing commodities and services. The same electronic card can also be used to obtain cash or inquire about the client's balance through automated teller machines.