MUSCAT: Figures released by the National Centre for Statistics and Information in end-2021 show that over 60,000 MSMEs (Micro, Small and Medium Enterprises) are registered with the Small and Medium Enterprises Development Authority. With MSMEs playing a major role in job creation and economic development, Bank Muscat, the leading financial services provider in the Sultanate of Oman, continues to extend strong support to the sector in line with the ambitious goals of Oman Vision 2040. Recently, the bank celebrated the United Nations designated Micro, Small and Medium-sized Enterprises Day on June 27 to help raise further awareness of the sector's contribution.
Speaking on the occasion, Ahmed bin Faqir al Balushi, Chief Banking Officer, Bank Muscat, said: “Bank Muscat is delighted to focus attention on the important role played by MSMEs in Oman by celebrating the International Day for MSMEs. Facilitating financial inclusion, the bank’s various products and services for MSMEs have been helping to overcome hurdles and chart successful ventures with proper planning, financial discipline and prudent management. Early on, Bank Muscat identified the opportunities and challenges faced by this vital segment to develop a relevant suite of products and services. Today, Bank Muscat products and services form valuable benchmarks in the financial services sector in the Sultanate of Oman. The bank’s Al Wathbah and Najahi units provide businesses much-needed financial and non-financial support based on their specific needs.”
Tailor-made solutions and services
The bank’s Al Wathbah SME department offers a comprehensive suite of tailor-made financial solutions and non-financial services targeted at SMEs. Credit facilities, both funded and non-funded in nature, are available to all sectors. Al Wathbah provides a wide range of financial solutions to SMEs including range of short term and long term loans, working capital facilities, guarantees, a range of Corporate Debit, Credit and Purchase cards etc. Further support is also extended through non-financial services in the areas of education, coaching, networking opportunities and workshops.
In 2022, the bank organised a 3 day Ramadhan Souq at its Head Office in partnership with the SMEs Development Authority to support over 120 SMEs. Earlier in 2021, a free VAT Registration and Advisory desk was also organised at the Head Office to benefit its large number of SME customers. Bank Muscat has also previously launched various other initiatives to benefit entrepreneurs including the Al Wathbah Academy and Al Wathbah Businesswomen’s Forum. Al Wathbah Academy was launched by the bank in 2013 as part of its Social Responsibility initiative to equip Omani youth with self-employment skills and to strengthen the role of SMEs in economic development.
Meanwhile, the bank’s retail enterprises unit (Najahi) was the first to launch collateral-free lending to micro and small businesses in Oman. Since its launch in 2014, Najahi has proven to be a major support for generation of new jobs and economic diversification. It is a matter of great pride that Najahi loans have been extended to customers in over 50 different lines of business. Najahi offers a range of products to micro and small businesses including flexible and collateral-free loans, current accounts, credit cards and debit cards. In addition to financial support, Najahi also provided highly supportive non-financial services to MSMEs through programmes such as the Najahi Talks seminars and the Maharat Min Google digital marketing course for entrepreneurs.
Digital Banking
Bank Muscat’s Corporate Internet Banking services provide a fast, convenient and secure banking experience for MSMEs control their finances 24x7. Available in both Arabic and English language options through https://www.bankmuscatonline.com, the Corporate Online Banking platform can be used by Al Wathbah and Najahi customers for real-time banking, fund transfers to local or foreign accounts, bill payments and bulk payments to vendors. It also facilitates salary payments for employees under the Wages Protection System (WPS).
The Bank’s processes and technology are designed to drive prospective corporate transaction requirements and ensure future readiness of businesses to adapt and become an agile, resilient and digitally-mature organisation. Bank Muscat’s digital solutions and services are boosted by its new Corporate Banking website (https://www.bankmuscat.com/en/Business/Pages/Business-Home-page.aspx), which provides direct links to services and solutions including Corporate Online Banking, business loans and solutions, trade finance, agency and custody services, sectoral insights and eApplications for various trade solutions and other banking services. The bank’s ongoing digitalisation drive is in line with the goals of Oman Vision 2040 and will further enhance financial inclusion in Oman.
Oman Observer is now on the WhatsApp channel. Click here
