CBO calls on licensed banks in Oman to take measures for implementation of Social Protection Law

Muscat: After the issuance of a Royal decree promulgating the Social Protection Law today, Wednesday, the Central Bank of Oman, (CBO) has called on all licensed banks in the Sultanate to take measures to implement the law.

CBO directed all licensed banks in the Sultanate of Oman to facilitate the opening of bank accounts for various groups benefiting from the social protection system, in light of Royal Decree No. 52/2023.

The Central Bank of Oman called on banks to allocate specific offices in each branch, activate mobile branch units, activate the use of the “know your customer” platform, electronic customer registration and media awareness through available means and channels, in addition to facilitating the opening of accounts electronically through multi-purpose devices to ensure the facilitation of the opening of accounts for beneficiary groups.

CBO called on banks, when opening accounts under 18 years old and joining customers electronically, to commit to linking products and services to the account of the guardian, not to deduct the minimum balance for accounts of beneficiary groups, not to make international transfers from accounts under 18 years old, and to encourage a culture of savings by providing innovative banking solutions.