The Saudi Central Bank (SAMA) has introduced ‘Naqd,’ a government banking services platform to enable government agencies to conveniently access their accounts at the central bank and carry out financial transactions securely on a digital platform.
This initiative is part of the central bank’s strategy of providing banking services to government agencies and supporting digital development. It aims to digitize the financial operations services of government agencies on their accounts at the Saudi Central Bank through a unified and secure digital platform.
Furthermore, it facilitates access to account information at all times, enables the management of these accounts, and provides instant monitoring of transactions to and from government agencies’ accounts.
The Naqd platform aims to offer electronic banking services that support government financial transactions, improve the user experience, enhance efficiency and productivity in financial transactions using the latest technologies, and reduce the time required to complete government banking procedures.
According to the statement, “It facilitates round-the-clock access to account information, account management, and real-time monitoring of transactions conducted from and to government accounts.”
The central bank is fostering digitalization across the spectrum with the launch of several initiatives.
In May, SAMA announced the launch of a new undertaking, “View My Bank Accounts”, for individual bank account holders. The service enhances reliability and reduces the risk of suspicious transactions, unauthorized account use, and impersonation, as per the reports.
Saudi Central Bank said during the launch that it is continuously working on developing electronic financial transactions in accordance with international best practices.
