Saudi Central Bank allows mothers to open bank accounts for their children

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 is keen to contribute to empowering maternal clients to manage their children’s affairs. Children’s account 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.