Monday, September 27, 2021

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SAMA Allows Saudi Moms to Open Bank Account for their Children

The Kingdom of Saudi Arabia has taken another step for the empowerment of mothers as it allows moms to open a bank account on behalf of their children. The Saudi Arabian Monetary Authority (SAMA) has provided this permission to the Saudi Moms. This is the greatest step of SAMA as this decision will help the moms to monitor the affairs of their children as long as they reached a valid age.

It has been disclosed that Children’s accounts will be in the name of the minor but a subsidiary of the mother’s account. Before this decision of SAMA, a married woman had to bring her husband or get permission from the court, to open a bank account for her children. Now they are allowed to open the account for their children.

As per the earlier SAMA rules unless the mother got a consent or guardianship certificate. Father, as the legal guardian, was the only parent who was permitted to open accounts for children. But Saudi is the top reformer and activist among 190 economies in the World Bank’s Women, Business, and the Law 2021 report. It has got a score of 80 out of 100, compared with last year’s 70.6.

Furthermore, it has been disclosed that along with the aim of empowering women the current changes are part of continuing financial improvements targeted at enhancing banking services and expanding financial literacy among citizens.

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