The Saudi Central Bank (SAMA) has introduced Naqd, a dedicated platform for government banking services. This initiative aims to streamline access and enhance security for government entities to manage their accounts and conduct financial transactions securely through a reliable digital platform.
SAMA is advancing its strategy to provide banking services to government entities and promote digital transformation through this initiative. The central bank is actively promoting digitalization through various initiatives to enhance the entire spectrum of financial services.
In May, SAMA introduced a new initiative called “View My Bank Accounts” specifically designed for individual bank account holders. This service aims to increase security by improving reliability and minimizing risks associated with suspicious transactions, unauthorized account access, and identity theft.
The Naqd platform seeks to digitalize financial transaction services for government entities, offering a unified and secure platform. It enables continuous access to account information, account management, and real-time monitoring of transactions involving government accounts.
The platform aims to provide electronic banking services that facilitate government financial transactions, improve user experience, and enhance efficiency and productivity through cutting-edge technologies. Additionally, it strives to streamline government banking procedures, reducing the time needed for their execution.
