National Bank of Oman becomes first Omani bank to launch seamless banking to enhance cross border trade across Oman-UAE
National Bank of Oman (NBO) reinforced its commitment to Oman’s bilateral trade ties with the United Arab Emirates by launching a series of technological innovations to deliver a seamless banking experience for entrepreneurs and companies operating across borders. An industry first from an Omani bank, NBO developed this service to support and catalyse cross-border trade.
NBO’s clients will now be able to make instant transfers between Oman and the UAE (and vice-versa) seamlessly from an NBO account to any bank account in Oman or the UAE. Clients will also be able to make cash withdrawals from any Oman or UAE account without having to be present in either country. In addition, they will be able to clear NBO cheques and make cash deposits or withdrawals instantly by using the bank’s digital platforms. To open an NBO account, clients can approach any NBO branch in Oman or the UAE.
All transactions and requests will be done in real time using the bank’s secure Corporate Internet Banking (CIB) platform or from a NBO branch. Clients can also use the CIB platform to view all their banking activity on a single dashboard.
Nasser Al Rashdi, general manager and chief commercial banking officer at NBO, said: “NBO has proudly played a central role in supporting the strategically important flow of trade between Oman and the UAE for many years. Our new and enhanced service is a first for an Omani bank and is in line with the bank’s strategy to provide a consistently superior banking experience to our customers as it enables them to use our market-leading technology and operational platform to perform cross-border financial transactions quickly, efficiently and securely. Looking ahead, NBO will continue to innovate and leverage our considerable resources to help the Sultanate’s SMEs and corporations achieve success both at home and abroad and continue to generate employment in Oman.”
NBO established a successful presence in the UAE in 1986 when it opened a branch in Abu Dhabi. This was followed in 2013 with the opening of its first branch in Dubai. The bank’s branches in Dubai and Abu Dhabi serve the retail and commercial banking needs of small and medium sized enterprises (SMEs) and the wholesale banking requirements of large corporate customers.
The bank continues its journey to enhance its services and deliver cutting-edge digital banking solutions to its clients.