MUSCAT – The framework aims to regulate the BNPL market in Oman by establishing clear requirements for service providers and safeguards for customers, ensuring responsible and sustainable practices in digital finance.
Under the new regulations, customers using BNPL services will be subject to a maximum spending limit of RO 1,500 across all BNPL providers, while repayment periods will not exceed 12 months.
The framework also requires providers to disclose all fees clearly and in advance through a key facts statement, while prohibiting hidden charges and early repayment penalties.
BNPL services allow consumers to purchase goods and services immediately and pay through scheduled instalments over an agreed period, without providing direct cash financing.
The Central Bank said the regulatory framework is designed to enhance trust and transparency in the financial sector by providing flexible payment solutions within a clear supervisory environment.
The CBO advised consumers to assess their financial obligations, review repayment schedules and make informed purchasing decisions to maintain financial stability and responsible use of financial services.