A new digital platform, Naqd, will now enable government agencies to easily and conveniently access their accounts at the Saudi Central Bank. The central bank, also known as SAMA, announced the launch of this platform to provide government entities with secure access to their accounts and facilitate financial transactions through a trusted digital interface.
Naqd is part of SAMA’s broader strategy to offer banking solutions to government bodies and support digital transformation. This initiative follows SAMA’s earlier launch in May of “View My Bank Accounts,” aimed at enhancing reliability and reducing risks associated with suspicious transactions, unauthorized account use, and impersonation.
The Naqd platform aims to digitize financial transaction services for government entities, providing a unified and secure system. It offers round-the-clock access to account information, management, and real-time monitoring of transactions. This platform is expected to enhance user experience, increase efficiency and productivity in financial dealings, and reduce the time required for executing government banking procedures.