MUSCAT – As per the provisions of the Royal Decree No. 52/2023, the Central Bank of Oman has instructed all licensed banks operating in the Sultanate of Oman to facilitate opening bank accounts for beneficiaries of the Social Protection Scheme. To ensure the facilitation of opening accounts for beneficiaries, the CBO called on banks to assign dedicated counters in the branches and activate mobile branch units. It also directed banks to share media awareness through the available means/channels; enable opening of accounts digitally by using E-KYC platform; and facilitate account opening facilities at Kiosks/ multi-functional machines.

And when opening accounts for those under 18 years of age as well as onboarding of customers electronically, banks are required to comply with the following:
• Linking products and services with account of the parent/guardian
• Accounts of beneficiaries under 18 years should be prohibited from making international cross border/wire transfers
• Minimum balance charges should not be applied for the aforesaid beneficiaries
• Encourage saving culture among beneficiaries by offering easy and innovative banking solutions.