CBO’s Tawasul drive to promote savings culture, e-payment systems
New initiative: Strong growth in uptake of electronic payment channels
Published: 02:08 PM,Aug 16,2022 | EDITED : 06:08 PM,Aug 16,2022
The Central Bank of Oman (CBO) launched on Tuesday, the Tawasul initiative at Sultan Qaboos Youth Compound for Culture and Entertainment in Salalah, Governorate of Dhofar, under the auspices of His Highness Sayyid Marwan bin Turki al Said, Governor of Dhofar.
Tahir bin Salim al Amri, the Executive President of the Central Bank of Oman, asserted in his speech that the aim of CBO’s Tawasul programme in the Governorate of Dhofar is to instil a set of values related to the banking sector, including CBO’s focus on raising awareness within the community on the importance of saving and the principles of responsible financing through a series of lectures and specialised workshops by a group of institutions in Dhofar, along with discussions about the banking sector’s top developments and highlighting CBO’s roles and responsibilities.
Al Amri added that the steps and measures taken by CBO in the scope of e-payment systems in the past period have contributed in boosting economic development through facilitating fast, real-time and advanced e-payment operations, as well as supporting the National E-Commerce Strategy implemented by the various public and private sector institutions to enhance the National Digital Economy Programme in the Sultanate of Oman.
Statistics indicate an increase in the use of retail e-payment gateways in Oman in the past period. The number of ACH transactions transcended 14 million at a value of over RO 9 billion, a 39 per cent rise in 2021 compared to 2020 in overall transactions.
Moreover, ATM cash withdrawals saw a decrease from overall card payment transactions, standing at 19 per cent in 2021 compared to 26 per cent in 2020. In contrast, POS and online payment transactions increased from 66 per cent in 2019 to 81 per cent in 2021.
Al Amri further asserted that CBO is moving forward with its efforts to develop e-payment systems and set forth measures to provide cutting-edge, affordable and easy-access payment systems, supported by an intact and safe infrastructure that contributes in achieving the Sultanate of Oman’s digital economy objectives.
During the launch ceremony, Ali bin Hamad al Jabri, Manager of Payment System Operations at CBO, gave a presentation on the National Strategy for E-Payment Systems and Services and CBO’s role in the national payment systems, alongside the evolution of national payment and other systems implemented in Oman, expansion in the use of e-payment services and gateways and the top initiatives and future projects in this respect.
On the other hand, Saud bin Saif al Busaidy, Acting General Manager of Surveillance at CBO, gave a presentation on responsible borrowing and how it is considered an essential practice that aids individuals in making the proper borrowing or financing decision and prompts financial institutions to create products compatible with actual consumer needs, individual lifestyles and solvency.
CBO’s Tawasul initiative aims at enhancing active communication between the institutions and the community, as well as raising awareness and knowledge on CBO’s top roles and responsibilities and top developments in the banking sector and creating a dialogue with community members to discuss their feedback on the sector’s performance.
Tawasul initiative’s first stop in the Governorate of Dhofar will witness discussions of several topics, mainly responsible borrowing and the e-payment systems that contributed to boosting economic development in the Sultanate of Oman in the past period, in addition to supporting the National E-Commerce Strategy implemented by the various public and private sector institutions to enhance the National Digital Economy Programme.
Furthermore, CBO’s Tawasul initiative aims at instilling a set of values related to the banking sector, including the focus on raising awareness within the community on the importance of saving and the principles of responsible financing through a series of lectures and specialised workshops by a group of institutions in Dhofar.
CBO’s Tawasul initiative will carry on across the Sultanate of Oman’s governorates during 2022 and 2023.
Tahir bin Salim al Amri, the Executive President of the Central Bank of Oman, asserted in his speech that the aim of CBO’s Tawasul programme in the Governorate of Dhofar is to instil a set of values related to the banking sector, including CBO’s focus on raising awareness within the community on the importance of saving and the principles of responsible financing through a series of lectures and specialised workshops by a group of institutions in Dhofar, along with discussions about the banking sector’s top developments and highlighting CBO’s roles and responsibilities.
Al Amri added that the steps and measures taken by CBO in the scope of e-payment systems in the past period have contributed in boosting economic development through facilitating fast, real-time and advanced e-payment operations, as well as supporting the National E-Commerce Strategy implemented by the various public and private sector institutions to enhance the National Digital Economy Programme in the Sultanate of Oman.
Statistics indicate an increase in the use of retail e-payment gateways in Oman in the past period. The number of ACH transactions transcended 14 million at a value of over RO 9 billion, a 39 per cent rise in 2021 compared to 2020 in overall transactions.
Moreover, ATM cash withdrawals saw a decrease from overall card payment transactions, standing at 19 per cent in 2021 compared to 26 per cent in 2020. In contrast, POS and online payment transactions increased from 66 per cent in 2019 to 81 per cent in 2021.
Al Amri further asserted that CBO is moving forward with its efforts to develop e-payment systems and set forth measures to provide cutting-edge, affordable and easy-access payment systems, supported by an intact and safe infrastructure that contributes in achieving the Sultanate of Oman’s digital economy objectives.
During the launch ceremony, Ali bin Hamad al Jabri, Manager of Payment System Operations at CBO, gave a presentation on the National Strategy for E-Payment Systems and Services and CBO’s role in the national payment systems, alongside the evolution of national payment and other systems implemented in Oman, expansion in the use of e-payment services and gateways and the top initiatives and future projects in this respect.
On the other hand, Saud bin Saif al Busaidy, Acting General Manager of Surveillance at CBO, gave a presentation on responsible borrowing and how it is considered an essential practice that aids individuals in making the proper borrowing or financing decision and prompts financial institutions to create products compatible with actual consumer needs, individual lifestyles and solvency.
CBO’s Tawasul initiative aims at enhancing active communication between the institutions and the community, as well as raising awareness and knowledge on CBO’s top roles and responsibilities and top developments in the banking sector and creating a dialogue with community members to discuss their feedback on the sector’s performance.
Tawasul initiative’s first stop in the Governorate of Dhofar will witness discussions of several topics, mainly responsible borrowing and the e-payment systems that contributed to boosting economic development in the Sultanate of Oman in the past period, in addition to supporting the National E-Commerce Strategy implemented by the various public and private sector institutions to enhance the National Digital Economy Programme.
Furthermore, CBO’s Tawasul initiative aims at instilling a set of values related to the banking sector, including the focus on raising awareness within the community on the importance of saving and the principles of responsible financing through a series of lectures and specialised workshops by a group of institutions in Dhofar.
CBO’s Tawasul initiative will carry on across the Sultanate of Oman’s governorates during 2022 and 2023.