OIFC secures final CBO approval, prepares to launch Khedmah E-wallet

Muscat: Oman Investment and Finance Company (OIFC) has obtained a license from the Central Bank of Oman to operate as a payment service provider (PSP) in the Sultanate. This step reflects the high confidence placed in Khedmah as one of the most reliable digital payment channels in the country. With this license, Khedmah will be able to introduce innovative digital payment products to the business environment in the Sultanate. This includes launching Khedmah E-Wallet, which will serve as an additional payment option for customers looking to enhance their digital payment experience, replacing traditional alternatives such as cash payments, credit card payments, or bank transfers.

Commenting on this significant event in Khedmah’s digital journey, Mr. Said Ahmed Safrar, Chief Executive Officer, OIFC, stated: “We are proud to have obtained this license from the Central Bank of Oman to operate as a payment service provider in the Sultanate. This development reflects our commitment and efforts to enhance our customer’s experience, creating digital payment channels that align with the rapid transformations in the business sector in the Sultanate. We express our gratitude and appreciation to the Central Bank of Oman for their trust, and we are confident that the company will spare no effort in continuing to create innovative opportunities that enhance the digital payment experience securely, smoothly, and quickly, while reducing efforts and costs for all stakeholders, especially our valued customers.”

It is worth mentioning that this license will enable Khedmah to launch its E-wallet. The company is in the process of unveiling the wallet soon after completing some necessary procedures. Notably, it has fulfilled the requirements for registering the trademark of the wallet, which will be named “Khedmah Pay.”

This initiative will an innovative option for all customers, especially those without bank accounts, as it will enable them to make digital payments without the need for cash. In the coming period, the company will explain the necessary steps for registering in the wallet and the operating procedures to be followed.

It is noteworthy that the Central Bank of Oman has made significant efforts to support the transition to digital payments through the adoption of various strategies in recent years. The aim is to facilitate the shift from cash-dependent transactions to digital payment mechanisms. According to the Central Bank of Oman’s Annual Report for the year 2022, the increase in demand for Payment and Settlement Systems (PSS) and the growing use of digital payments have been effectively managed through the payment and settlement systems infrastructure in the Sultanate of Oman.

The Central Bank continues to exert diligent efforts to enhance and improve the infrastructure, ensuring the provision of secure, reliable, fast, and easy-to-use payment services. These initiatives are aligned with the broader goal of promoting and facilitating the adoption of digital payments in Oman.