Saudi banks embrace digital future

Saudi banks are betting big on the digital future. In the first three months of 2022, 13 bank branches and 81 ATMs were closed in a further sign of the growing digitization of the sector.

This year’s decline is a continuation of an earlier trend. The statistics from the central bank, show that the number of bank branches declined by 124 — 6 percent of the total — between 2017 and 2021.

ATMs saw a ten percent drop over the same period. However, E-commerce sales using Mada cards rose 14 percent in the first quarter of this year.

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