MUSCAT : As a strategic step aimed at empowering small and medium-sized companies and supporting the national economy, Credit Oman, the leading government-backed provider of credit insurance services, has signed a partnership agreement with Mamun for Financial Technologies a leading fintech company licensed by the Financial Services Authority in the Sultanate of Oman to operate a crowdfunding platform.
The agreement was signed on behalf of Credit Oman by Haitham bin Abdullah Al-Ya’qoobi , Acting Chief Executive Officer, and on behalf of Mamun by Saleh Al Tamami, Chief Executive Officer.
Under this agreement, Credit Oman will expand the scope of its credit insurance coverage to include Mamun, in order to cover the financing facilities that the platform will provide to owners of SMEs. This initiative aims to establish a strong framework to help bridge cash flow gaps that these companies often face due to the many commercial transactions they carry out.
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This partnership structure offers a robust, dual-benefit mechanism for Oman’s financial system. On one hand, the credit insurance coverage provided by Credit Oman is considered a vital tool for mitigating risk for Mamun, as it protects the lender against payment default cases thereby providing the reassurance needed to expand credit lines. On the other hand, this insurance coverage functions as a vital alternative guarantee for SMEs that may lack sufficient real collateral typically required by lenders to grant credit facilities.
By easing collateral burdens and reducing lending risks, this cooperation will significantly help facilitate SMEs’ access to financing. With improved cash flow, these companies will be better positioned to expand their operations, strengthen their trade in local markets, and reach international export markets.
Moreover, this partnership supports comprehensive economic development and promotes financial inclusion in the Sultanate of Oman. By providing reliable financing to SMEs, this initiative enables these businesses to build and maintain strong credit records with financial institutions. Over time, this credit history will help integrate these companies more deeply into the broader financial sector ecosystem, thereby driving sustainable economic growth.
