Oman central bank focuses on financial inclusion
The Central Bank of Oman is strongly advocating for financial inclusion in the Sultanate by encouraging commercial banks to ramp up the provision of banking services to underserved sections of the community, as well as in under-banked areas of the Sultanate. The central bank said in its Financial Stability 2017 Report that financial inclusion not only aids inclusive growth but also offers venues to boost financial stability through a wider and more diversified user base and a deeper financial system. Towards this end, it has adopted a number of measures to bolster financial inclusion, including advice to commercial banks to open new branches and expand their presence in remote, underbanked parts of the country. As an incentive to commercial banks, it has approved new banking outlets conditional upon the provision of services in under-banked areas.