Guide to Mobile Banking in Saudi Arabia
Guide to Mobile Banking in Saudi Arabia
Introduction
Saudi Arabia is leading in the Middle East and North Africa as it rapidly embraces digital banking. With over 75% of banking customers using online or mobile apps for their banking needs, the country is on par with Western and Asian markets where mobile banking transactions have become dominant.
In a bid to transform into a cashless society by 2030, Saudi Arabia is pushing to have 70% of all payments digital, a significant leap from 18% in 2017. This article will guide you through the landscape of mobile banking in the Kingdom.
If you’re from abroad you will be already used to using cashless payments, and the growing use of this technology in in Riyadh and Saudi Arabia is great news for expats moving to Saudi.
Guide on Banking Services in Saudi
Top Mobile Banking Providers in Saudi Arabia
Nearly all banks in Saudi Arabia offer digital banking services through smartphone apps. These include:
- The National Commercial Bank (Al Ahli Bank)
- Al Rajhi Bank
- Samba Bank
- Riyad Bank
- Emirates NBD
- First Abu Dhabi Bank
- Gulf International Bank
These banks are at the forefront of offering seamless and secure banking experiences, allowing you to manage your finances at the tip of your fingers.
Guide on Banking Services in Saudi
Key Features of Mobile Banking in Saudi Arabia
Mobile banking in Saudi Arabia offers a wide array of features to facilitate seamless financial management. Here are the standard features you can expect to find in the mobile banking apps:
Money Transfers: You can transfer money to accounts within the same bank, other banks in Saudi Arabia, and even make international money transfers.
Bill Payments: Pay your utility bills with ease to service providers such as the Saudi Electricity Company and Mobily right from your app.
Card Management: In case of a lost or stolen payment card, you can instantly block it and even request a new one through the mobile banking app.
Access Financial Statements: You can view statements for your various bank accounts, providing you with a clear overview of your finances.
Loan Management: Access your loan and repayment schedules, allowing you to stay on top of your financial obligations.
Customer Support: Most apps provide an option to contact banking agents for any queries or assistance.
Conclusion
As Saudi Arabia aspires to become a cashless society, the evolution and use of mobile banking apps are expected to grow exponentially. Not only do these apps provide convenience, but they also offer a wide range of services that were traditionally only available at physical bank branches. Whether you’re an expatriate or a resident, understanding and utilizing mobile banking services is becoming an essential aspect of managing personal finances in Saudi Arabia.
