Riyadh Revolutionizes Government Banking with New Digital Platform
In a groundbreaking move, the Saudi Central Bank has introduced a game-changing digital platform, Naqd, to streamline government agencies’ access to their accounts. This innovative platform, unveiled by the central bank, also known as SAMA, is set to revolutionize government banking services.
Naqd is specifically designed to provide government entities with seamless and secure access to their accounts at the central bank, enabling them to conduct financial transactions with ease through a trusted digital platform.
This strategic initiative is a key component of SAMA’s overarching goal to provide robust banking solutions to government entities and drive digital transformation in the financial sector.
With a series of pioneering initiatives, the central bank is at the forefront of fostering digitalization across various sectors. One such initiative, “View My Bank Accounts,” launched in May, enhances security for individual bank account holders by reducing the risk of unauthorized transactions and impersonation.
The Naqd platform is poised to digitize financial transaction services for government entities, offering a unified and secure platform for conducting transactions. It enables 24/7 access to account information, streamlined account management, and real-time monitoring of transactions to and from government accounts.
By providing electronic banking services that cater to government financial transactions, Naqd aims to enhance user experience, boost efficiency, and increase productivity in financial dealings utilizing cutting-edge technologies.
Furthermore, the platform aims to significantly reduce the time required to execute government banking procedures, paving the way for a more streamlined and efficient financial ecosystem.