MUSCAT: With potentially thousands of Omanis set to benefit from monthly cash payouts from the newly instituted Social Protection Fund (SPF), the Central Bank of Oman (CBO) has directly licensed banks operating in the Sultanate of Oman to dramatically ramp up their account opening capabilities.
Citing Royal Decree 52/2023 promulgating the Social Protection Law, issued last week, the Central Bank urged lenders to anticipate a tide of new account openings in the coming weeks and months, given the significantly enlarged scope of the new Social Protection Fund.
Beneficiaries include low-income segments of the Omani population, such as elderly, children, orphans, differently-abled, widows, elderly retirees and other financially vulnerable categories.
To help facilitate new account openings for these beneficiaries, the apex bank has instructed licensed banks to assign dedicated counters in branches and activate mobile branch units as well.
Additionally, manned kiosks and automated multi-function machines must be suitably equipped to facilitate account-openings. Besides, banks should roll out facilities to enable digital account opening by using the E-KYC (Know Your Customer) platform, the Central Bank stressed.
As for account openings for minors (beneficiaries below 18 years), as well as the onboarding of new customers electronically, the CBO has urged banks to put in place safeguards against possible misuse. For example, accounts of beneficiaries below 18 years will be restricted from making international / cross border wire transfers. Banking products and services offered to such accounts must also be linked with the accounts of parents or guardians, it said.
Banks, for their part, have been instructed not to levy any minimum balance charges on accounts of SPF beneficiaries. Lenders should also promote a culture of savings by offering easy and innovative banking solutions, the Central Bank added in its missive.
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