“Can a central-bank-operated national card scheme remain the default payment rail in Saudi Arabia as global PSPs and digital wallets expand in the Kingdom?”
Mada is the Saudi national payment network operated by the Saudi Central Bank (SAMA), not a fintech startup. It is the mandatory domestic card and POS routing layer used by all banks in the Kingdom, serving 17,000+ ATMs and 225,000+ POS terminals. Its 'embedded finance' role is as the underlying rails that other PSPs (Checkout.com, etc.) integrate with to acquire payments in Saudi Arabia.
Mada discloses Saudi Payments Network (in-house) as its banking provider, with Saudi Central Bank (SAMA) as its sponsor bank, according to the Embedded Finance Index 2026.
Mada does not disclose a bank charter of its own; its banking services are provided through Saudi Central Bank (SAMA).
Mada processes payments through Mada (self-operated national scheme).
The Embedded Finance Index 2026 maps 3 layers in Mada's stack: Payments / PSP (Mada (self-operated national scheme)); Banking / BaaS (Saudi Payments Network (in-house)); Sponsor bank (Saudi Central Bank (SAMA)).
Mada was founded by Saudi Central Bank (SAMA) and is founded in 1990, headquartered in Riyadh, Saudi Arabia.
Get a read on where your own stack stands against Mada and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.