Muscat: Strengthening its partnership with the government in realizing the objectives of Oman Vision 2040, BankDhofar is championing the cause of Small and Medium Enterprises (SMEs) by offering a portfolio of services and products that are on par with global trends. It has also introduced several corrective steps to provide a solid foundation for SMEs to thrive.

Ammar Mohsin Al Balushi, Head of BankDhofar’s Mid Corporate Banking & SME, sheds light on the steps taken to empower SMEs in the country and the region.

Foremost among these measures are the Bank’s strategic branch expansion process. It has, in a span of one year, witnessed a whopping growth in its branch network, increasing from 61 branches to over 100 branches. 

The Bank has also unveiled three corporate branches, strategically positioned in key geographic locations, including Muscat, Salalah and Sohar. Additionally, the bank has bolstered its workforce to better serve corporate and SME customers, ensuring a more personalized and efficient banking experience.

BankDhofar has also launched a suite of digital solutions aimed at enhancing convenience for SMEs, simplifying their access to financial services, and streamlining their operations.

Ammar Mohsin Al Balushi emphasizes that BankDhofar’s dedication extends beyond offering financial products. The bank provides specialized advisory services to help SMEs select the most appropriate financing and banking solutions aligned with their specific business models. Moreover, BankDhofar offers valuable market insights to assist SMEs in proactively addressing future challenges and ensuring seamless operations.

The Bank has recently introduced trade finance and transaction banking services, aimed at connecting its customers to global markets, mitigating risks, and improving convenience. This approach is geared towards shortening working capital and cash conversion cycles, ultimately leading to improved profitability and long-term sustainability.

BankDhofar is not solely a provider of financial services; it also offers a range of investment solutions, including time deposits and other financial products, to help businesses grow and maximize their surplus funds.

Discussing the role of technology in banking, Ammar Mohsin Al Balushi stated, “Technology is a key enabler in banking growth, and we are investing heavily in technology to enhance efficiency, convenience, and security for our customers. Our objective is to empower our clients to efficiently manage their financials.”

He further highlighted several key technological products offered by BankDhofar, such as corporate internet banking, B2B (business-to-business), point of sale (POS), and a soft POS application for Android phones. The bank also provides corporate credit cards, debit credit cards, e-commerce solutions, and RCCD (Remote Check Capture Deposit) services, which are particularly beneficial for leasing companies and real estate management companies heavily reliant on check transactions.

He highlights several key technological products and services offered by BankDhofar, including corporate internet banking, business-to-business (B2B) solutions, point of sale (POS) services, and a user-friendly soft POS application for Android devices. The Bank also provides corporate credit cards, debit credit cards, e-commerce solutions, and Remote Check Capture Deposit (RCCD) services, particularly beneficial for leasing companies and real estate management firms reliant on check transactions.

BankDhofar’s unwavering commitment to corporate and SMEs and its continuous investment in technology underscore its dedication to supporting Oman’s economic growth and development in line with Oman 2040 Vision.