National Bank of Oman (NBO) has entered into a ground-breaking partnership with Paymob, a leading Payment Services Provider (PSP) recently licensed by the Central Bank of Oman (CBO), to reshape Oman’s payment ecosystem.
This collaboration further aims to empower SMEs and contribute to the nation’s vision for a robust digital economy. This partnership extends beyond transactions, promoting financial inclusion through a diverse range of fintech solutions. It strategically positions Paymob in Oman, emphasizing the strength of the alliance.
Mohammed Yahya Al Jabri, Assistant General Manager – Head of Global Transaction Banking at NBO, stated that, “Our collaboration with Paymob accelerates the digitalization of payments in Oman, showcasing our commitment to financial innovation. This partnership is more than a transaction; it’s a commitment to addressing customer challenges and streamlining financial transactions. Together, we aim to empower fintechs and contribute to Oman’s digital transformation.”
This partnership also underscores NBO’s capacity to extend its infrastructure and technology to fintechs, enabling them to operate in Oman. It exemplifies NBO’s role as a leading partner in the fintech ecosystem, showcasing the strength of the NBO team in helping fintechs thrive and do business. NBO’s leading position as a bank partner with Paymob highlights its capability to extend infrastructure and technology, empowering fintechs to operate successfully in Oman.
Through this partnership, NBO will provide Paymob with essential digital solutions, such as payment gateway integration, POS terminals, and corporate Internet banking. This empowers Paymob to seamlessly serve online and offline SMEs, enhancing the overall digital experience for businesses across Oman.
The collaboration is further focused on activating and supporting merchant acquisition and integration services, demonstrating a joint determination to empower thousands of Micro-, Small-, and Medium-sized Businesses across Oman. Securing an exclusive PSP license from the CBO, Paymob is set to make a significant entrance into Oman, marking its fifth market expansion in the region and solidifying its position as a key player in the digital payment sector.
Islam Shawky, Co-founder and CEO of Paymob explained that, “Our partnership with NBO is a significant milestone in Paymob’s mission to fuel SME growth in the digital economy by making cutting-edge digital payments solutions readily accessible to merchants. This collaboration places Paymob at the forefront of the digital transformation of financial services in Oman, fueling payments innovation and financial inclusion, in line with the Sultanate’s Vision 2040.”
