Central Bank of Oman unveils Maal, a homegrown payment card

By Vriti Gothi

The Central Bank of Oman (CBO) has launched Maal, the Sultanate’s national payment card, introducing a domestic alternative to international card schemes as part of its broader strategy to modernise and localise the country’s payments infrastructure. The rollout, which coincided with Oman’s National Day celebrations, represents a key milestone in the CBO’s push to accelerate digital payments adoption and reduce transaction costs across the financial ecosystem.

Under the framework approved by the CBO, Maal debit and prepaid cards will be issued to consumers at zero cost. Banks and payment service providers will be exempt from issuance, reissuance and annual cardholder fees, although ATM withdrawal-related charges will continue under existing regulations. In the initial phase, the CBO has also waived fees for banks and PSPs using the OmanNet infrastructure to issue and process Maal transactions, aligning with its goal of lowering payment acceptance costs for merchants and government entities.

“The Maal card will be free for customers with no issuance or renewal fees, and competitive, reduced fees for merchants and government entities,” said Ali Al Jabri, Vice President of Payment Systems Technology at the Central Bank of Oman.

Bank Muscat, Sohar International, Oman Arab Bank and Bank Dhofar will be among the first institutions to issue Maal-branded cards. Industry experts note that most cards currently issued by Omani banks rely on global network technologies, which can result in higher processing costs. A domestic scheme is expected to give Oman greater cost efficiency and operational control while supporting a wider range of card products, including debit, prepaid and payment cards, with credit cards to follow.

Oman’s move aligns with a broader regional trend. GCC countries including Qatar, the UAE and Saudi Arabia have already introduced their own national payment cards—Himyan, Jaywan and Mada respectively—to strengthen financial sovereignty, promote digital payment adoption and reduce dependency on international schemes.

With Maal, the Central Bank of Oman positions the Sultanate to advance a more resilient, locally governed and cost-effective payments ecosystem, reinforcing national infrastructure while supporting the country’s long-term digital economy objectives.