Government agencies can now securely access and manage their accounts at the central bank through government banking services platform Naqd, which the Saudi Central Bank (Sama) launched earlier this week, according to state news agency SPA. The platform is designed to help these agencies securely access and manage their accounts at the central bank, facilitating financial transactions.

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About the platform: Naqd aims to improve user experience, increase efficiency, and reduce the time needed for government banking procedures by providing instant access to account information and real-time transaction monitoring.

Part of a broader digitization strategy: The central bank wants to transform the financial sector into a smart financial hub, including recently launching the View My Bank Accounts verification service for individual customers at local banks and the new e-wallet regulations it proposed in May. Sama also issued its first digital bank license to STC Pay in April, the fintech is poised to become the GCC’s largest e-wallet with 12 mn customers.

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