SABB announced the launch of a prepaid household salary card, which provides the bank’s customers with the opportunity of transferring their domestic workers’ salaries through available banking channels. SABB claims to be the first bank in the Kingdom to offer this new service to its customers.

The product aims to provide basic banking needs to unbanked individuals in an easy and efficient way. Thus, both parties currently dealing with cash will be safeguarded by ensuring hassle-free transactions through this product. This service will be available to all individuals classified as domestic workers under individual sponsorship.

Naif Alabdulkareem, GM, retail banking and wealth management at SABB, commented: “This new product is in line with the bank’s continued efforts to offer innovative services and products. Household salary card aims to provide solutions, which render easy payment of salaries and at the same time prevent the disadvantages of the traditional cash dealings in this regard.”

He added: “SABB will provide the household salary card as a new solution that will establish a base for launching diversity for prepaid card products in future as specified by Saudi Arabian Monetary Agency (SAMA) under the relevant regulations.”

With an easy account opening process, the new prepaid household salary card will be issued with the Mada logo, which provides several new services through ATM and POS network.

The holder of the card can benefit from the various available advantages such as SMS notifications, cash withdrawal through the Kingdom’s ATMs and payment of daily retail purchases in addition to SABB ATM services, which include payment of public utility bills, SADAD payments, government services, balance inquiry, mini-statement for the last five transactions as well as PIN change and overseas remittances to predefined beneficiaries.