Driven by its commitment to fostering financial inclusion, the National Bank of Oman (NBO) has partnered with Zumr, an innovative Rotating Savings and Credit Association (ROSCA) platform. Under this partnership, NBO will serve as the custodian bank for Zumr, strengthening its position as a leader in fostering partnerships within the fintech sector. This partnership marks a huge step towards transforming traditional savings and lending systems by harnessing the power of digital solutions and incentivized saving plans.
Industry sources added that Zumr, a prominent player in the local microfinance fintech arena, has garnered attention for its pioneering approach to economic inclusion. Graduating from the Central Bank of Oman’s Accelerator program transforms traditional savings and lending systems. By offering open and closed money circle solutions, Zumr boosts individuals and small businesses to access flexible savings and credit facilities tailored to their requirements.
Mohammed Yahya Al Jabri, Assistant General Manager – Head of Global Transaction Banking at NBO, stated: “National Bank of Oman is committed to fostering partnerships that drive fintech innovation and support the growth of local businesses. Our association with Zumr underscores this dedication as we continue to contribute to Oman’s digital transformation journey. This strategic alliance is poised to reshape Oman’s financial technology landscape and aligns with our ongoing mission to redefine banking experiences and enhance access to financial services nationwide. Through the implementation of innovative solutions and collaborative efforts, we look forward to delivering tangible, positive impacts to our customers and the broader community.”
Shamsa Al Salmi, Co-founder and CEO of Zumr, stated: “Zumr is excited to join forces with NBO, a leader in fintech partnerships. This collaboration not only strengthens our position in the market but also accelerates our mission to democratize access to financial services across Oman. Through our open and closed money circle solutions, we are reshaping financial inclusion, ensuring that everyone has the opportunity to thrive in Oman’s evolving economy. With NBO’s vast experience and resources, we are well-positioned to empower more individuals and businesses, fostering economic growth and prosperity for our nation.”
Industry sources further added that as the custodian bank for Zumr, NBO strengthens its dedication to innovation, empowering SMEs, and promoting financial inclusion. Leveraging its expertise in digital banking solutions, NBO will provide Zumr with essential services such as corporate Internet banking, facilitating seamless day-to-day operations.
