Bank Muscat najahi hosts micro and small business customers

MUSCAT: Bank Muscat najahi Retail Enterprises department hosted micro and small business customers in line with the bank’s ‘Let’s Do More’ vision and commitment to partnership in strengthening the role of micro and small businesses in diversifying the Sultanate’s economy and creating job opportunities for Omani youth.

The event, which evoked good response, turned the spotlight on innovative products and services available for micro and small businesses, reiterating the bank’s commitment to fulfill their financial and advisory requirements in running successful business ventures.

In step with responsible banking, the focus of Bank Muscat is clear – create a sustainable financial platform for the nation and people and thereby contribute to the country’s progress and development.

Committed to supporting economic growth and sustainable development, the bank seizes every opportunity to reiterate partnership in building the nation by creating opportunities for individuals and businesses to grow and prosper.

Serving micro and small business customers, exclusive najahi centres are available across the Sultanate.

Facilitating financial inclusion, Bank Muscat najahi products and services have created a benchmark, helping micro and small businesses to overcome hurdles and chart successful ventures with proper planning, financial discipline and prudent management.

Securing credit without collaterals and accessing innovative banking services have been hurdles faced by micro and small businesses.

The specially designed najahi products mainly include credit facilities without collaterals to develop and grow micro and small businesses.

With najahi, Bank Muscat fulfills the primary need of finance for the micro and small business segment.

The najahi suite of products include the value added najahi Current Account, najahi Flexi Loan to support working capital, business expansion and other business needs; najahi Business Credit Card; najahi Contractors Loan to help complete contracted jobs; najahi Contractors Bill Discounting to get immediate funds after completing contracted jobs and Najahi PoS Receivables financing for customers who use PoS machines for their sales.

The value added najahi Current Account offers differentiated services, including Business Debit Card, branded cheque book, priority queuing at branches, banking services.

The najahi Business Debit Card offers a daily withdrawal limit of RO 1000.

The higher withdrawal limit helps customers to meet day-to-day cash requirements.

najahi customers can also avail multiple debit cards on the same account allowing authorised persons to make transactions on behalf of the company.

Maintaining cash flow is a challenge faced by small businesses.

Addressing this critical need, Bank Muscat launched the first-of-its-kind najahi Flexi Loan facility.

This facility gives customers the power to choose when to avail a loan and for what period.

Customers pay interest only when they actually avail the loan and not when the facility is granted.

For very short-term financing, the bank has launched najahi point of sale (PoS) receivables financing. and online