• Oman

    • CBO instructs banks in Oman to facilitate opening bank accounts for beneficiaries of the Social Protection Scheme

    By on July 20, 2023
    cbo
    cbo

    Muscat: According to the Royal Decree No. 52/2023, the Central Bank of Oman has instructed all licensed banks operating in the Sultanate of Oman to facilitate opening bank accounts for beneficiaries of the Social Protection Scheme

    – To ensure the facilitation of opening accounts for beneficiaries, banks should:

    Assign dedicated counters in the branches and activate mobile branch units

    Enable opening of accounts digitally by using E-KYC platform.

    Share media awareness through the available means/channels.

    Facilitate account opening facilities at Kiosks/multi-functional machines.

    When opening accounts for those under 18 years of age and onboarding customers electronically banks must comply with the following:

    Linking products and services with account of the parent/guardian.

    Minimum balance charges should not be applied for the aforesaid beneficiaries.

    Accounts of beneficiaries under 18 years should be prohibited from making international cross border/ wire transfers.

    Encourage saving culture among beneficiaries by offering easy and innovative banking solutions.

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