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National Bank of Oman & Paymob team to enhance payments for SMEs

By Delisha Fernandes

January 31, 2024

  • B2B payables
  • B2B payment
  • Bank Accounts
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National Bank of Oman, Fintech News, Finance News, UnionPay, Mobile Payments, MENA Fintech,National Bank of Oman (NBO) has partnered with Paymob, a Payment Services Provider (PSP) recently licensed by the Central Bank of Oman (CBO).

This collaboration aims to reshape Oman’s payment ecosystem, specifically empowering SMEs and contributing to the nation’s vision for a robust digital economy.

NBO’s commitment to innovation is demonstrated by adopting the first custody account for PSPs in accordance with the CBO guidelines on the dedicated custody account for PSPs, formalising a comprehensive agreement with Paymob. This partnership extends beyond transactions, promoting financial inclusion through a diverse range of fintech solutions. It strategically positions Paymob in Oman, emphasising the strength of the alliance.

Mohammed Yahya Al Jabri, Assistant General Manager – Head of Global Transaction Banking at NBO, said, “Our collaboration with Paymob accelerates the digitalisation of payments in Oman, showcasing our commitment to financial innovation. This partnership is more than a transaction; it’s a commitment to addressing customer challenges and streamlining financial transactions. Together, we aim to empower fintechs and contribute to Oman’s digital transformation.”

Through this partnership, NBO will provide Paymob with essential digital solutions, such as payment gateway integration, POS terminals, and corporate Internet banking. This empowers Paymob to seamlessly serve online and offline SMEs, enhancing the overall digital experience for businesses across Oman. The collaboration is further focused on activating and supporting merchant acquisition and integration services, demonstrating a joint determination to empower thousands of Micro-, Small-, and Medium-sized Businesses across Oman.

Islam Shawky, Co-founder and CEO of Paymob said, “Our partnership with NBO is a significant milestone in Paymob’s mission to fuel SME growth in the digital economy by making cutting-edge digital payments solutions readily accessible to merchants. This collaboration places Paymob at the forefront of the digital transformation of financial services in Oman, fueling payments innovation and financial inclusion, in line with the Sultanate’s Vision 2040.”

This partnership actively supports SMEs, key drivers of growth and innovation, shaping Oman’s future economic landscape. The introduction of POS terminals not only expands digital payment channels but also increases online payment traffic, propelling Oman towards a more digitally integrated and efficient financial ecosystem.

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