Bank Muscat emphasizes the importance of small businesses in economic development

The Bank is eager to provide banking facilities that contribute to its development

Muscat – Destinations |

Figures released by the National Center for Statistics and Information at the end of 2021 revealed that more than 60,000 small, medium and emerging enterprises are registered with the General Authority for Small and Medium Enterprises, and that institutions in this sector plays a major role in creating jobs and promoting economic development Muscat, the leading financial institution in the Sultanate, to continue its support for this sector in translating the goals of Oman Vision 2040. This month celebrates the world the International Day of Small and Medium-sized Enterprises, which falls on 27 June each year, a day designated by the United Nations to emphasize the importance of this sector and to raise awareness of the contributions The basic elements that add small and medium enterprises to economic and social development plans around the world.

Ahmed bin Faqir Al Balushi, Head of Banking at Bank Muscat, said the emphasis on the crucial role of small and medium-sized enterprises in the Sultanate by celebrating the International Day of this sector is the best proof of the importance of raising awareness about the role of these institutions in economic development, adding that the Bank has worked on the development of various products and services to improve financial inclusion, including those specifically designed for the corporate and small and medium-sized enterprise sector to assist them to overcome obstacles and prepare and implement successful projects through proper planning, financial discipline and sound management, indicating that Bank Muscat has identified the opportunities and challenges facing this sector. Therefore, these products and services today have become valuable foundations and standards in the financial services sector in the Sultanate. These institutions to develop their business and implement their different projects, each according to the needs of his own business.

Solutions and services

Al Wathba Department of Small and Medium Enterprises at Bank Muscat offers a comprehensive set of financial and indicative solutions specifically designed for these companies and entrepreneurs. Debit, credit and corporate purchase cards, in addition to providing support through non-financial services in the areas of education, training and workshops.
In the context of improving the services provided in this aspect, the Small and Medium Enterprise Development Authority and Bank Muscat organized this Ramadan “Al Wathba” market to support entrepreneurs and launch small projects during the period of April 21-23, 2022 at Bank Muscat headquarters, where he saw the participation of more. The bank has already organized a value-added tax advisory office in the bank’s head office in 2021 to support its clients from this sector, in addition to a number of initiatives, including the Al Wathba Forum for Women Entrepreneurs, and the Al Wathba Academy, launched in 2013 Within the social responsibility and community service initiatives aimed at improving the skills of the Omani youth and emphasizing the status and role of small and medium enterprises in contributing to economic development. .
As for the retail unit (Najahi), it was the first to provide financing without guarantees to small and medium-sized companies. Since its launch in 2014, the unit has proven to be a key supporter to ensure economic diversification and to provide more jobs. by providing appropriate financing to entrepreneurs and emerging institutions.The bank is proud to offer financing offered by (My Success) Unit to clients in more than 50 different business fields, in addition to offering a range of products for small and start-up companies including flexible financing without collateral, checking accounts, credit cards and debit cards. In addition to financial support, the unit also provided mentorship services to support these projects and entrepreneurs through programs such as my success sessions and a Google course for digital marketing skills for entrepreneurs.

digital services

Bank Muscat Corporate Internet Banking provides a fast, convenient and secure banking experience for SMEs to manage their finances 24 hours a day, 7 days a week. The platform is available in both Arabic and English (https://www.bankmuscatonline.com) The use of this platform and benefit from real-time banking services, the transfer of funds to local or foreign accounts, the payment of accounts and wholesale payments to salespeople, and also facilitates the payment of employees’ salaries under the wage protection system.

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