NBO and Paymob forge strategic alliance to transform Oman's digital landscape

Business Tuesday 30/January/2024 17:42 PM
By: Times News Service
NBO and Paymob forge strategic alliance to transform Oman's digital landscape

Muscat: In a significant move towards advancing the digital landscape of Oman, National Bank of Oman (NBO) announced a ground-breaking partnership with Paymob, a leading 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. The signing ceremony took place at NBO’s head office in Al Athaiba and was signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO and Islam Shawky, Co-founder and CEO of Paymob.

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, states, "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."

This partnership also underscores NBO's capacity to extend its infrastructure and technology to fintechs, enabling them to operate in Oman. It exemplifies NBO's role as a leading partner in the fintech ecosystem, showcasing the strength of the NBO team in helping fintechs thrive and do business. NBO's leading position as a bank partner with Paymob highlights its capability to extend infrastructure and technology, empowering fintechs to operate successfully in Oman.

Through this partnership, NBO will provide Paymob with essential digital solutions, such as payment gateway integration, POS terminals, and corporate Internet banking. This empowers Paymobto 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. Securing an exclusive PSP license from the CBO, Paymob is set to make a significant entrance into Oman, marking its fifth market expansion in the region and solidifying its position as a key player in the digital payment sector.

Islam Shawky, Co-founder and CEO of Paymob explains, “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.
Paymob, among the fastest-growing fintech companies in the region, commenced operations in 2015, serving 250,000 merchants across MENAP. It stands as the first international fintech company to be fully licensed in the Sultanate.