MUSCAT : The Central Financial institution of Oman (CBO) has introduced a sweeping overhaul of charges throughout the nation’s nationwide cost programs, together with the elimination of prices on home digital cash transfers for people and small and medium-sized enterprises (SMEs), as a part of efforts to speed up digital transformation and enhance the enterprise atmosphere.
The measures, which take impact on July 1, 2026, had been launched in step with the directives of His Majesty Sultan Haitham bin Tarik to boost the effectivity of presidency and monetary companies, assist financial development and encourage larger adoption of digital applied sciences.
Beneath the brand new framework, people and SMEs will probably be exempt from charges on home digital transfers carried out via Oman’s nationwide cost programs, together with the Actual-Time Gross Settlement (RTGS) system, the Digital Clearing System (ECS) and the Instantaneous Cost System (IPS), when transactions are made via banking channels and digital cost platforms.
The central financial institution stated the reforms are designed to make digital funds extra accessible, inexpensive and extensively used throughout the Sultanate, whereas lowering reliance on money and paper-based transactions similar to cheques.
In an extra transfer to encourage digital adoption, the CBO has launched vital reductions in charges related to cost and switch companies provided by banks and licensed cost service suppliers. The choice adopted consultations with stakeholders throughout the banking sector and consideration of the excessive operational prices related to money dealing with and cheque processing.
The regulator stated banks and licensed cost suppliers have been instructed to implement a zero-fee coverage for native digital transfers carried out by people and SMEs, eradicating value boundaries which will discourage clients from utilizing digital cost channels.
The central financial institution expects the transfer to encourage clients to shift away from branch-based and paper transactions in the direction of sooner and extra environment friendly digital cost strategies, whereas additionally lowering cash-management prices and operational burdens on monetary establishments.
Free interbank transfers for people and SMEs carried out via the RTGS and digital clearing programs will probably be out there via varied banking channels, serving to decrease transaction prices and enhance operational effectivity for smaller companies.
In the meantime, on the spot person-to-person transfers via the Instantaneous Cost System, whether or not carried out utilizing cell phone numbers or aliases, will stay free for all clients no matter whether or not the recipient makes use of the identical financial institution or a unique cost supplier.
The reforms additionally embody modifications to payroll switch charges for private-sector corporations lined below the Ministry of Labour’s Wage Safety System. Banks will now be permitted to cost a most price of RO1 monthly for processing wage recordsdata, whatever the variety of staff, wage batches or recipient banks concerned. The central financial institution stated the measure would cut back administrative burdens on employers and encourage extra environment friendly digital wage funds.
To assist entrepreneurs, retailers and SMEs, the CBO has additionally lowered the utmost service provider service cost utilized to QR-code funds from 0.75% to 0.50% of the transaction worth, capped at RO2 per transaction.
The regulator stated the discount would decrease cost acceptance prices for retailers, promote wider adoption of digital cost options and allow small companies to supply safe and environment friendly digital cost choices at decrease working prices.
The announcement kinds a part of a broader programme to strengthen Oman’s nationwide funds infrastructure. The central financial institution highlighted ongoing enhancements to cost programs and the rollout of the nationwide banking card scheme, “Maal”, below which a number of charges—together with card issuance, annual charges and technical accreditation prices imposed on banks and cost suppliers—have already been waived to encourage market adoption.
In line with the CBO, Maal affords retailers transaction charges which can be roughly 50% decrease than these related to many different cost card networks, serving to companies scale back cost acceptance prices and increase the usage of nationwide digital cost options.
The central financial institution has additionally expanded direct debit and digital mandate companies as safe digital alternate options to cheques and recurring funds. These companies are offered freed from cost to clients and are supposed to assist broader adoption of digital cost strategies throughout the financial system.
Ahmed Al Musalmi, Governor of the Central Financial institution of Oman, described the choice as a milestone within the regulator’s efforts to make digital funds the popular methodology for monetary transactions within the Sultanate.
“By eradicating digital cost charges for people and SMEs, we’re encouraging wider adoption of safe, environment friendly and accessible cost options for all,” Al Musalmi stated.
He added that the central financial institution stays dedicated to strengthening the nationwide funds ecosystem, advancing monetary inclusion, fostering innovation and delivering worth to shoppers, companies, banks, cost suppliers and the broader financial system.
The CBO stated it would proceed working carefully with banks, cost suppliers and different stakeholders to make sure the efficient implementation of the brand new price construction. It’ll additionally monitor digital cost adoption all through 2026 to evaluate the impression of the reforms on buyer behaviour, money utilization, cheque transactions and the general effectivity of cost companies.
Banks and cost suppliers have been instructed to launch public consciousness campaigns throughout conventional and digital media platforms to tell clients in regards to the new measures and the advantages of utilizing digital cost channels.
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