MUSCAT – The Central Bank of Oman (CBO) has issued a regulation governing the practice of Buy Now, Pay Later (BNPL) services, as part of efforts to strengthen oversight of emerging financial products and keep pace with rapid developments in the financial sector.
In a statement issued, the CBO said the move forms part of its ongoing efforts to develop regulatory frameworks and ensure that innovative financial services operate within clear and disciplined supervisory standards.
The central bank said the regulation aims to organise the BNPL service and establish the necessary controls and procedures to ensure it is conducted in a transparent and orderly manner.
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BNPL is considered one of the modern financing models that allows consumers to obtain goods or services immediately, with payment made in instalments over a later period under pre-agreed terms and conditions. With the increasing adoption of the model, the CBO said a clear regulatory framework had become essential to balance fostering financial innovation with protecting beneficiaries’ rights and maintaining financial stability.
The provisions of the regulation apply to institutions licensed by the Central Bank of Oman to conduct BNPL activities. The framework sets out licensing requirements and procedures, capital adequacy requirements, disclosure and transparency standards, risk management mechanisms and obligations related to consumer protection.
