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NBO & Zumr team to boost FinTech innovation and empower SMEs

By Delisha Fernandes

April 12, 2024

  • Digital Banking
  • Financial Inclusion
  • fintech MENA
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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 Zumr, an innovative Rotating Savings and Credit Association (ROSCA) platform.

Under this collaboration, NBO will serve as the custodian bank for Zumr. This alliance marks a significant step towards transforming traditional savings and lending systems by harnessing the power of digital solutions and incentivised saving plans.

Mohammed Yahya Al Jabri, Assistant General Manager – Head of Global Transaction Banking at NBO, said, “National Bank of Oman is committed to fostering partnerships that drive fintech innovation and support the growth of local businesses. Our association with Zumr underscores this dedication as we continue to contribute to Oman’s digital transformation journey. This strategic alliance is poised to reshape Oman’s financial technology landscape and aligns with our ongoing mission to redefine banking experiences and enhance access to financial services nationwide.”

Zumr, a prominent player in the local microfinance FinTech arena, has garnered attention for its approach to economic inclusion. Graduating from the Central Bank of Oman’s Accelerator programme, it transforms traditional savings and lending systems. By providing open and closed money circle solutions, Zumr empowers individuals and small businesses to access flexible savings and credit facilities tailored to their needs.

Shamsa Al Salmi, Co-founder and CEO of Zumr, said, “Zumr is excited to join forces with NBO, a leader in fintech partnerships. This collaboration not only strengthens our position in the market but also accelerates our mission to democratise access to financial services across Oman. Through our open and closed money circle solutions, we are reshaping financial inclusion, ensuring that everyone has the opportunity to thrive in Oman’s evolving economy. With NBO’s vast experience and resources, we are well-positioned to empower more individuals and businesses, fostering economic growth and prosperity for our nation.”

As the custodian bank for Zumr, NBO solidifies its dedication to innovation, empowering SMEs, and promoting financial inclusion. Leveraging its expertise in digital banking solutions, NBO will provide Zumr with essential services such as corporate Internet banking, facilitating seamless day-to-day operations.

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