The Saudi Central Bank (SAMA) has announced a significant regulatory update, officially approving the use of the “Visitor ID” document for the purpose of opening bank accounts within the Kingdom. The move is designed to simplify financial procedures for visitors, enhance financial inclusion, and support the ongoing digital transformation of the nation’s banking sector.
Streamlining Financial Access for Visitors
The Visitor ID, an official identification document issued by the Ministry of Interior, can now be used by financial institutions as a valid form of identification for account opening procedures. This ID can be securely verified through authorized digital platforms, ensuring that banks maintain regulatory compliance while offering services to a wider audience. The decision is set to dramatically improve the banking experience for tourists, business travelers, and other visitors during their stay in Saudi Arabia.
A Strategic Push for Digital Transformation
According to SAMA, this update is part of its periodic review of banking regulations, aimed at keeping pace with modern developments and market needs. By facilitating more accessible account opening procedures, the central bank aims to further promote financial inclusion across the Kingdom. This initiative aligns with broader national goals to enhance digital banking services, improve the overall customer experience, and strengthen the financial ecosystem.
Unlocking New Opportunities for the Banking Sector
This new regulation directly benefits banks and financial institutions by enabling them to tap into new and previously underserved consumer segments. By allowing visitors to open accounts, financial service providers can now offer tailored products and services, creating new revenue streams and fostering a more competitive and inclusive market. This step is expected to support the growth of tourism and business activities in the Kingdom.
About The Saudi Central Bank
The Saudi Central Bank, commonly known as SAMA, is the central monetary authority for the Kingdom of Saudi Arabia. It is responsible for issuing the national currency, supervising commercial banks, managing foreign exchange reserves, promoting price and exchange rate stability, and ensuring the growth and soundness of the Kingdom’s financial system.
Source: Waya
