National Bank of Oman (NBO) and Ooredoo Fintech are joining forces to develop a new digital financial services framework in the Sultanate. The two organizations signed a Memorandum of Understanding (MoU) on March 31st at NBO’s Muscat headquarters, setting the stage for a significant partnership between one of the country’s oldest banks and a major telco’s mobile money platform.
Quick Facts
- MoU signed for digital finance partnership.
- Combines NBO’s banking with Ooredoo’s walletii.
- Aims to advance Oman’s digital payments.
Banking Muscle Meets Telco Agility
The agreement establishes a collaborative framework to build out Oman’s digital wallet ecosystem. The partnership will leverage NBO’s established banking infrastructure and Ooredoo Fintech’s walletii mobile wallet platform.
Key areas of collaboration outlined in the MoU include payment services, settlement arrangements, and broader financial infrastructure support, with specific initiatives to be detailed in future agreements.
Mohammed Yahya Al Jabri, Assistant General Manager and Head of Global Transaction Banking at NBO, stated the partnership is aimed at advancing digital payment infrastructure and improving the efficiency of financial service delivery.
Noor Al Lawati, Country Head at Ooredoo Fintech Oman, described the collaboration as a way to combine NBO’s banking strength with walletii’s platform agility, widening the scope of digital financial services available in the Omani market.
Driving Oman’s Vision 2040 Agenda
Both parties positioned the agreement as a direct contribution to Oman Vision 2040’s national digital transformation goals. By pairing a legacy commercial bank with a telco-backed fintech platform, the collaboration aims to deepen digital payments penetration across the Sultanate.
While the MoU is an early step, the partnership signals a strategic push to diversify Oman’s financial services sector. The market will be watching for specific product agreements that follow, particularly around whether the joint digital wallet will target the unbanked or underbanked segments of Oman’s large expatriate population.
No financial terms, product launch timelines, or specific user targets were disclosed as part of the initial announcement.
About National Bank of Oman
Founded in 1973, National Bank of Oman was the first local bank established in the Sultanate of Oman. It provides a full suite of corporate, investment, and retail banking services to a wide range of customers across the country.
About Ooredoo Fintech
Ooredoo Fintech is the financial technology arm of Ooredoo in Oman. It operates walletii, a mobile wallet service that provides users with digital payment and financial management tools directly on their smartphones.
Source: MEA TechWatch
