Oman Arab Bank Recognised As Domestic Retail Bank Of The Year And Receives Award For The Sme Payment Solutions Of The Year – Oman

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Muscat, 26th July 2023 – Oman Arab Bank (OAB) has been recognized as Domestic Retail Bank of the Year – Oman and the SME Payment Solutions of the Year – Oman, earning two wins at the prestigious Asian Banking & Finance (ABF) Retail Banking Awards 2023. A distinguished panel of judges from the banking and financial industry bestowed the bank with top honors in these two categories.

 

The SME Payment Solutions of the Year – Oman award reflected the successful introduction of OAB’s state-of-the-art Mobile Pay Soft POS solution for SME customers, which represented the first of its kind in Oman and gained an extremely high initial customer penetration rate. Among its innovative elements, the solution provides an enhanced option allowing customers to enter their PIN through their mobile device, increasing customer convenience and confidence on security, as well as allowing the merchant to carry out real-time stock management, tax calculations and liquidity management. The bank acquired a total of 116 new merchants in the first three months from launch.

 

Continuing to uphold its customer-first vision, OAB has launched numerous other new products and services in recent months, including an instant debit card issuance machine; increased limits to its Digital Instant Loan; and several seasonal offers for customers. The process of optimizing its branches has also continued, including the installation of state-of-the-art digital banking technology to enhance the customer experience and allow customers to bank more efficiently.

 

 

OAB’s brace of awards were the latest recognition for the bank, which also recently won Best Online Platform in Oman at the 2022 MEA Business Awards and received the Payment Card Industry Data Security Standard (PCI-DSS) certification, which confirmed OAB’s security measures meet the highest standards of protecting customers’ payment card data, as set by the PCI Security Standards Council and most recently being accredited by the ACCA.