Over 95% Omani women repaying loans without default

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Muscat: The Sultanate of Oman is proud of being one of the most advanced countries in the region in the field of women’s empowerment, specifically in the labor sector. It was one of the first countries in its quest for this empowerment by opening job opportunities for women since the beginning of the Renaissance era until today. The number of Omani women who are employed has grown significantly during The last decade between 2012 and 2022 increased by 60%.

The statistics also recorded a remarkable turnout of women to self-employment, which includes starting a business, which in turn creates new job opportunities in the market. Employment is one of the many reasons why women are financially empowered.

Data from the Oman Credit Bureau “Mala’a” confirm that there has been a 156% increase in the number of Omani women who own bank accounts in the past decade, from 2012 to 2022, especially among Omani women of the younger generation who witness a greater percentage in the process of opening new accounts. While 32% of Omani women aged 18 to 25 have an open bank account, compared to 23% of women aged 31 to 40.

This approach enables banks and finance companies to design their products and services according to the needs of Omani women, especially with the shift towards digital services and channels, allowing women to increase ease of access and use of convenient financial services.
Data for the year 2021 AD indicate that approximately 42% of Omani women have credit facilities, compared to only 22% in 2011.

During the past ten years, the number of women owning credit facilities has been growing at a steady pace, as the number of Omani women who own a debit bank account has nearly doubled compared to ten years ago. Omani women also showed a high reliability of debt repayment, as statistics indicate that more than 95% of Omani women showed a positive behavior towards the payment of dues.

Personal loans are among the most prevalent credit facilities among women, which indicates that working women support their families economically and in return contribute to the credit sector. Young Omani women usually support their families side by side with the man.
Indicators of positive financial behavior of women give that there is a huge opportunity for lenders to gain access to a market that has not received much attention and has a good credit reputation, meaning that lenders can target new solutions and increase their customer base, while supporting and empowering Omani women to reach a better economic future.

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