https://arab.news/8xgdt
- Accounts for minors will be a subsidiary of the mother's
RIYADH: The Saudi Arabian Monetary Authority (SAMA) said it will allow mothers to open bank accounts on behalf of their children, so long as they are minors.
SAMA said in a circular on its website it wanted to help empower mothers to manage their children’s affairs. Children’s accounts will be in the name of the minor but a subsidiary of the mother’s account .
Saudi Arabia was the top reformer and improver among 190 economies in the World Bank’s Women, Business and the Law 2021 report, achieving a score of 80 out of 100, compared with last year’s 70.6.
Prior to this decision, a married mother had to bring her husband or obtain consent from the court, to open a bank account for her children.
Fathers, as the legal guardians, were the only parent allowed to open accounts for children under previous SAMA regulations unless the mother obtained a mandate or guardianship certificate.
The latest changes are part of ongoing financial reforms aimed at boosting banking services and improving financial literacy among citizens.