CBK approves new post-pay regulations

KUWAIT, July 5 (KUNA) -- The Central Bank of Kuwait (CBK) issued Wednesday new regulations for post-pay as part of efforts to provide innovative high value financial services for clients.

The regulations include a maximum of payment of up to KD 500 (about USD 1,650) for every beneficiary from service providers, according to a CBK tweet.
This included the instructions directed to local banks, funding companies and electronic money service providers, it added.
Under the regulations, the customer pays back the money in four months without paying any interest or profits in exchange for the service, it added.
This step should be linked to the Credit Information Network, Ci-Net, to help inquire about the credit limit of the customer and inform about the funds given to him/her.
The application to get the service should be submitted, in line with the electronic form accompanied by requirements and the bank's principled approval valid for 6 months of the date of notification, according to the bank's tweet. (end) mfs.hm.