Fintech
SAMA Introduces Naqd to Digitize Government Financial Transactions
THE Saudi Central Bank (SAMA) introduced Naqd, a government banking platform, to provide government agencies with a secure and efficient platform for managing financial transactions.
This platform allows government agencies to access their accounts at the central bank and conduct financial transactions securely on a digital platform.
This initiative is part of the central bank’s strategy to provide banking services to government agencies and support digital development. It is also in line with Saudi Arabia’s Vision for 2030which aims to transform the Kingdom into a world leader in various sectors by promoting digital development and efficiency.
Naqd aims to digitize the financial transaction services of government agencies on their accounts at SAMA through a unified and secure digital platform.
It also facilitates access to account information at any time, enables management of those accounts, and provides instant tracking of transactions to and from government agency accounts.
The platform aims to provide electronic banking services that support government financial transactions, improve user experience, increase efficiency and productivity in financial transactions using the latest technologies, and reduce the time required to complete government banking procedures.