Financial inclusion has become one of the essential pillars of sustainable economic and social development in modern economies. With rapid digital transformation and evolving financial behaviours, the need to integrate all segments of society into the financial system has grown significantly – especially in countries working to diversify their economies and enhance competitiveness, such as the Sultanate of Oman.
In Oman, financial inclusion is a key enabler of Oman Vision 2040, which aims to build a diversified, knowledge-based economy and empower society with modern and secure financial tools. Over recent years, the Central Bank of Oman (CBO) and the national banking sector have launched several initiatives to increase the number of individuals and businesses with access to bank accounts and digital payment channels.
Financial inclusion is more than simply owning a bank account. It includes access to appropriate financial services – such as savings, money transfers, financing, insurance, investment and digital banking – delivered efficiently and securely to meet the needs of both individuals and businesses. Despite strong progress in Oman’s financial infrastructure, certain segments of society remain partially excluded from full financial participation, especially workers in micro and small enterprises, low-income individuals, and people living in rural areas.
The Central Bank of Oman has taken notable steps to advance financial inclusion through regulations that strengthen electronic payments, improve national payment systems, and promote innovation in financial technology (Fintech). Banks in Oman have supported these efforts by simplifying account-opening procedures, reducing fees, and expanding digital services such as mobile transfers, digital wallets, and contactless payments – making banking more accessible to all segments of the population.
Enhancing financial inclusion provides significant opportunities to strengthen the national economy. Every rial deposited into the banking system increases banks’ capacity to finance productive and service-oriented projects in essential sectors such as tourism, manufacturing, logistics, and small businesses. These sectors are vital pillars for economic diversification. Additionally, reducing reliance on cash increases financial security, lowers operational costs, and enhances the efficiency of the broader economic system.
The government plays a central role in this transformation through policies mandating salary and pension transfers via bank accounts, encouraging institutions to use digital payment channels, and requiring companies to process financial transactions through the banking system. These measures improve transparency and limit informal economic activity.
Banks must also design financial products tailored to diverse segments of society – especially youth, low-income workers, and entrepreneurs – at affordable cost. Strengthening financial literacy through targeted awareness campaigns is essential for helping customers understand their rights, responsibilities, and available financial options. Simplifying procedures and improving customer experience also help attract individuals who previously avoided banking due to lack of awareness or misconceptions.
With widespread smartphone adoption across the country, digital financial services have become a major catalyst for advancing financial inclusion. Mobile transfers, e-payments, and digital wallets are now widely used by individuals in both urban and rural areas. Global experiences demonstrate that mobile financial services can integrate millions into the formal economy – an outcome Oman can expand further by strengthening trust and promoting local digital solutions.
In conclusion, financial inclusion is a foundational element for achieving comprehensive economic development in the Sultanate of Oman. With combined efforts from the government, the banking sector, and the community, Oman is well positioned to build a leading regional model grounded in a strong digital economy, advanced financial infrastructure, and a population equipped to participate in the financial systems of the future. Advancing financial inclusion is a true investment in the nation’s economic future and in improving the quality of life for all citizens and residents.
By Hamood Sangour al Zadjali
Former Executive President of Central Bank of Oman
