CASHU Denies Reports of Saudi Ban, Announces Expansion
Prepaid card provider CASHU has said that reports that its products have been banned in Saudi Arabia over concerns about money laundering and terrorism financing are not true. Instead, the company said it’s planning to expand its presence in the country. In a blog post rebuffing the reports, CASHU said it is working with the Saudi Arabian Monetary Authority (SAMA)—the country’s central bank—“to provide the highest international security standards for e-payment for Saudi online shoppers.” CASHU’s products are fully compliant with all SAMA rules and regulations, the post added.
Earlier this month, reports emerged in several Saudi media outlets that SAMA had banned in-person sales of CASHU prepaid cards due to the large number of customers using the cards and the government’s inability to monitor misuse. Also at issue was the fact that CASHU is based outside of Saudi Arabia, with offices in Amman, Jordan, and Dubai, the reports said.
Far from being banned, CASHU plans to grow its business in Saudi Arabia, with new products and partnerships set to be announced “within the next two months,” the blog post said. CASHU has been operating in Saudi Arabia since the company’s launch in 2003 and counts the country as one of its cornerstone markets. CASHU’s prepaid cards are popular throughout the Middle East and North Africa and are used mainly for purchases including online games, music and software, telecom and IT services, according to the company.