BankDhofar, a Key contributor to government initiatives with a strong focus on employment and Digital Transformation

Roundup Thursday 18/April/2024 14:01 PM
By: Times News Service
BankDhofar, a Key contributor to government initiatives with a strong focus on employment and Digital Transformation

Muscat - BankDhofar is presently dedicated to bolstering governmental directives and diverse developmental strategies aligned with Oman Vision 2040, particularly emphasizing the employment sector and the provision of job opportunities for citizens. This commitment significantly contributes to the revitalization of the national economy, with a particular impact on the banking sector. Over the past months, the bank has facilitated over 250 employment opportunities for Omanis across various fields and academic backgrounds, resulting in a notable rise in the Omanization rate to 92%.

Furthermore, BankDhofar is steadfast in its efforts to perpetually enhance its digital channels, in harmony with the government's vision for digital transformation aimed at fostering a sustainable knowledge society and advancing the information technology industry in the Sultanate of Oman. The bank has successfully broadened its digital footprint by enabling customers to open bank accounts through smartphones and other digital platforms, facilitating convenient and timely banking transactions. This initiative has driven an 85.5% surge in total digital transactions in 2023, coupled with a 55.3% increase in transaction values.

Recently, the bank introduced "Dhofar Pay," an innovative service marking a first in the Sultanate of Oman, allowing customers to easily and securely make payments via smartphones, eliminating the need for traditional debit cards.

In 2024, BankDhofar continues its customer centric momentum by prioritizing the delivery of superior customer service, enhancing the branch network and introducing bespoke product and services. Additionally, BankDhofar also provides tailored products to diverse segments of society, including small and medium enterprises, children, youth, women, and minors.

The bank is actively pursuing an enhancement of its credit rating, capitalizing on the improved business environment in the Sultanate of Oman, heightened foreign investments, and in light of the continuous rise in oil prices. In 2023, BankDhofar attained a BAI rating from Moody's, BB from Standard & Poor's, and BB+ from Fitch.

As one of the oldest banks in the Sultanate of Oman, BankDhofar remains committed to deliver unparalleled services to its customers. It stands as the second-largest bank in terms of branch network, with a growing number of branches. The bank has 118 branches as of 31 March 2024, spread across various governorates and regions. The bank has expanded its network of devices, including ATMs, cash deposit machines, multi-use devices, and multi-service interactive devices, witnessing a 36% increase to reach a total of 350 devices ensuring customers can Bank any time at their convenience.