MUSCAT: Over the course of the last four decades, Bank Muscat, the leading financial services provider in the Sultanate, has been continuously endeavoring to provide banking services and products to all segments of the economy including individuals, Government institutions, Large Corporates and Micro, Small and Medium-sized Enterprises. In line with its commitment to improving financial inclusion across the Sultanate, Bank Muscat celebrated the Arab Financial Inclusion Day, which falls on 27^th April every year. 

Large network and digital services

In line with its customer-centric vision, Bank Muscat has been studying with great attention the needs of different customer segments and coming up with an expansion strategy that aims to provide banking services and financial inclusion across all parts of the country. Today, the bank is proud to have the largest branch network of 174 branches spread across all governorates in Oman, offering customers easy banking accessibility close to their places of residence or work. The branch network is ably supported by the bank’s large base of over 800 e-channel devices including ATMs, CDMs and statement printers. The bank also operates 4 mobile banking units and 5 ATMs/FFMs in remote areas of the country as well as during events like expos and festivals. It must be noted that Bank Muscat is one of the few banks in the entire GCC that operates mobile units to reach unbanked areas.

Reflecting the latest technological trends in banking, Bank Muscat has also been launching new features and services on its digital channels too, including its state-of-the-art and Omnichannel mBanking and Internet Banking, a state-of-the-art Contact Centre and its e-payment gateway on a continuous basis over the years. The recently-launched QR code scanning option is a very helpful option for the bank’s merchant partners, especially small businesses, in accepting e-payments from their customers quickly and securely. The bank had earlier launched its contactless payment system which enables quick and secure transactions at point of sale (PoS) terminals at merchant partners across the country. Transaction security and convenience are enhanced by ensuring that payments are directly credited into the business’ account in real time without the need to handle physical cash and the inconvenience of maintaining small change for customers.

Accessibility for Persons with Disabilities

Over the years, the bank has launched a number of critical products and services that enable it to reach out to different customer segments and address their various needs. In 2019, Bank Muscat launched the first ATM in Oman for visually-impaired persons at the premises of the Al Noor Association for the Blind. The bank continues to enhance financial inclusion amongst persons with disabilities by providing easy access at branches and training its employees to better serve its customers. It must also be noted that as many as 93 bank employees at select branches serving the maximum number of hearing-impaired and speech impaired persons have been trained in Arabic Sign Language in partnership with the Omani Association for the Hearing-impaired to facilitate better communication and customer service. 

Broadening financial inclusion

In line with its pioneering achievements in broadening financial inclusion, Bank Muscat is continuously launching several new products and services. Bank Muscat launched the Woqar Banking Package in 2020 after studying in great detail and understanding the needs of retirees who were earlier working in both government and private institutions. The bank also launched the Floosi account for youth in the 15-17 age group in the recent past in response to this age group’s financial needs and raise awareness about the importance of learning personal finance skills. Going ahead, the bank will continue in its efforts to enhance financial inclusion in line with the strategic needs of the Sultanate’s economy.

Promoting financial awareness

The bank understands the importance of improving financial literacy amongst the general public in Oman and especially amongst its customers and in 2019 launched its free Maliyat financial literacy programme to help people in Oman improve their financial literacy, knowledge, and manage their income and savings. The Maliyat curriculum is available in Arabic and English and comprises three main parts including Oman’s economy, financial awareness and successful financial planning and provides participants with certificates upon successful completion of each module. 

Bank Muscat’s Irshad financial coaching programme for SMEs and entrepreneurs, and the Little Investor financial literacy training for school students are some of the other notable programmes by the bank.

Recognition and accolades

Bank Muscat has been consistently lauded by the international financial and banking community for decades in recognition of its outstanding banking performance and unceasing efforts to improve financial inclusion. Bank Muscat has been recognised as one of the “Top 100 Companies in the Middle East” and as one of the “Top 50 banks in the Region” by Forbes Middle East besides winning a number of awards from other prestigious international publications for its different lines of business.