Oman cen­tral bank fo­cuses on fi­nan­cial in­clu­sion

Banking Frontiers - - News / Banking In The Gulf -

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.

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