Saudi Gazette report

RIYADH — As part of the efforts to protect the interests of banking and financial sector customers in the Kingdom, the Saudi Arabian Monetary Authority (SAMA) has officially launched SAMACares mobile application.

Consumer protection is a strategic goal SAMA is keen to achieve by ensuring fair and safe treatment and accessibility of financial services at all levels, the authority said in a statement.

SAMACares application serves all customers of sectors under the supervision of SAMA (banks, insurance companies, finance companies, and payment companies). The application is available on Apple Store and Google Play in Arabic and English.

First-time users can create a new file to submit, view, and follow up complaints, respond to inquiries and requests received from the bank/company, and view closed requests.

The application offers links to awareness media center (image and video library) to give all users access to reliable financial information and consumer rights and responsibilities stipulated by SAMA laws and regulations.

SAMACares is an advanced electronic platform that allows customers of banking and financial sectors to submit and follow up complaints in a clear and fast way.

This can be achieved by enhancing disclosure and transparency; especially on prices, fees, commissions, and complaint submission procedures; reduce customer default risks by ensuring that financial institutions observe disciplined lending; review and handle customer complaints; and suggest corrective controls to reduce the number of complaints submitted.

In addition to raising the level of guidance and awareness using all available channels, preparing and developing consumer protection policies and laws, and cooperating with local and international entities concerned with consumer protection.

SAMA, the statement said, encourages all banking and financial sector customers to practice their rights that are guaranteed by its laws and regulations.