In a groundbreaking step towards fostering digital innovation and financial inclusion in Oman, the National Bank of Oman (NBO) proudly announces a strategic alliance with Paymob, a leading Payment Services Provider (PSP) recently authorized by the Central Bank of Oman (CBO). This partnership signifies a crucial move in reshaping Oman’s payment ecosystem, with a particular focus on empowering Small and Medium-sized Enterprises (SMEs) and contributing to the nation’s vision for a robust digital economy.
Key Highlights of the Partnership:
- Digital Evolution Initiatives: The collaboration demonstrates NBO’s dedication to innovation by embracing the inaugural custody account for PSPs in compliance with CBO guidelines. This formalized agreement with Paymob transcends conventional transactions, aiming to foster financial inclusion through a diverse range of fintech solutions. The partnership strategically positions Paymob in Oman, illustrating the robustness and depth of the collaboration.
- Financial Inclusion and Fintech Empowerment: Abdullah Zahran Al Hinai Manager at NBO, underscores the joint efforts to expedite the digitalization of payments in Oman. This partnership transcends a mere transaction, reflecting a commitment to addressing customer challenges and streamlining financial transactions. By empowering fintechs, the collaboration aspires to make a significant contribution to Oman’s ongoing digital transformation.
- Infrastructure and Technology Support: NBO’s role as a leading partner in the fintech ecosystem is highlighted through its commitment to extending infrastructure and technology to fintechs, enabling them to operate successfully in Oman. The bank’s prominent position as a partner with Paymob showcases its capabilities in facilitating a conducive environment for fintechs to thrive and conduct business. the legal team in NBO including Mustafa Alhemeid, Legal Advisor at the National Bank of Oman, further strengthens this strategic collaboration.
- Digital Solutions for SMEs: Through this joint venture, NBO will provide Paymob with essential digital solutions, including payment gateway integration, Point of Sale (POS) terminals, and corporate Internet banking. This comprehensive support empowers Paymob to seamlessly serve both online and offline SMEs, enhancing the overall digital experience for businesses across Oman.
- Merchant Acquisition and Integration Services: The partnership is geared towards activating and supporting merchant acquisition and integration services, showcasing a joint commitment to empowering thousands of Micro-, Small-, and Medium-sized Businesses across Oman. With Paymob securing an exclusive PSP license from the CBO, its entry into Oman marks a significant expansion, solidifying its position as a key player in the regional digital payment sector.
- Catalyzing SME Growth: Islam Shawky, Co-founder and CEO of Paymob, characterizes the collaboration as a significant milestone in Paymob’s mission to catalyze SME growth in the digital economy. By delivering cutting-edge digital payment solutions to merchants, the collaboration places Paymob at the forefront of Oman’s digital financial services transformation, aligning with the Sultanate’s Vision 2040. Mustafa Alhemeid, Legal Advisor at the National Bank of Oman, further lends legal expertise to this transformative partnership.
The collaborative endeavour between the National Bank of Oman and Paymob stands as a pivotal moment in Oman’s journey towards a digitally integrated and efficient financial ecosystem. Actively supporting SMEs and promoting financial inclusion, this partnership contributes to shaping Oman’s future economic landscape in line with the nation’s ambitious Vision 2040. As Paymob enters Oman as its fifth market expansion in the region, the collaboration, fortified by Abdullah Zahran Al Hinai is poised to play a crucial role in advancing the Sultanate’s position in the rapidly evolving digital payment sector.