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CBO Promotes Online Banking to Ensure Business Continuity Amidst Coronavirus Related Restrictions

By IM Insights | March 26, 2020

In a circular issued, the Central Bank of Oman (CBO) has instructed the country’s banking, sector companies to encourage the use of online banking services amongst customers, in efforts to minimise physical interaction with customers without disturbing day-to-day banking transactions. 

In directives issued, CBO has requested the banking sector to ensure business continuity and smooth functioning of the banking system amid ongoing restrictions to control the spread of the Coronavirus. 

Banks in the sultanate have communicated their intentions to offer uninterrupted services and have taken various measures to enable this. In a press statement issued, Alizz Islamic Bank stated that ‘as part of the business continuity plan, a secondary team was transferred on March 15th 2020 to the bank’s business continuity site.  

A number of banks in Oman have restricted customers from visiting bank branches a bare minimum and have mandated the use of online portals for all essential services. 

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