SAMA Revokes License of ‘Marta Financial Company’

Riyadh: The Saudi Central Bank (SAMA) announced its decision to revoke the license of 'Marta Financial Company' to provide payment services as a micro payment institution in the Kingdom of Saudi Arabia. According to Saudi Press Agency, the revocation decision was based on Subparagraph (d) of Paragraph (1) of Article (21) of the Implementing Regulations of Payments and Payment Services Law. The decision was due to the company's failure to meet the licensing requirements stipulated in Paragraph (4) of Article (17) of the Implementing Regulations of Payments and Payment Services Law. SAMA calls on stakeholders who have existing rights or claims to refer to the company in this regard. Furthermore, SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. Stakeholders and the general public are encouraged to visit SAMA's official website to view licensed and permitted financial institutions.