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Bank Nizwa and Buna partner to offer cross-border payments

By Leandra Monteiro

May 08, 2023

  • Bank Nizwa
  • Buna
  • Clearing
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Bank Nizwa, BunaBank Nizwa, an Islamic bank in Oman, has announced a partnership with Buna, a cross-border payment system fully owned by the Arab Monetary Fund.

The collaboration will enable the bank to provide its customers with seamless payments in both Arab and international currencies, within a safe, risk-controlled and transparent environment.

Mehdi Manaa, Chief Executive Officer of Buna said, “We are pleased to welcome Bank Nizwa in Buna’s network of participants. This collaboration strengthens our efforts to transform cross-border payments and contributes to the economic advancement in the Arab world. We look forward to working closely with Bank Nizwa to provide a seamless cross-border payments experience in the region that brings tangible benefits to banks and their customers.”

Buna currently facilitates payments in four Arab currencies; the UAE Dirham, Saudi Riyal, Jordanian Dinar and Egyptian Pound, as well as two international currencies, the US Dollar and the Euro.

Bank Nizwa aims to expand its payment capabilities by leveraging Buna’s digital platform. By partnering with Buna, it is enabling its customers to benefit from the latest advancements in payment technology. Buna’s platform will allow the Bank to facilitate a wider range of payment services for its clients, including same-day payments, direct debit and multi-currency payments.

“By leveraging Buna’s state-of-the-art digital platform, we can provide our customers with a seamless cross-border payment experience, whilst also unlocking new avenues for growth and strengthening investment ties with our global trading partners. The collaboration aligns with our digitalisation strategy, which focuses on harnessing the latest advancements in payment technology to deliver innovative financial solutions. At Bank Nizwa, we are dedicated to providing innovative and efficient financial services that cater to the unique needs and preferences of the people,” said Khalid Al Kayid, the Chief Executive Officer of Bank Nizwa.

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