As part of its ongoing commitment to delivering innovative and Sharia-compliant digital banking solutions, Bank Nizwa, one of the leading and most trusted Islamic banks in the Sultanate of Oman, has announced the launch of its Electronic Mandate (E-Mandate) for Direct Debit service. Designed to streamline recurring transactions and enhance the overall banking experience, the new service complies with the Central Bank of Oman’s (CBO) regulatory framework and advances its overarching goal of building a sustainable and resilient digital economy.
The E-mandate service for direct debit is a digital solution that enables both corporate and individual customers to efficiently manage their recurring financial commitments. By automating a wide range of routine payments, such as monthly transfers, utility bills, rent, and subscriptions, this service reduces paperwork and supports sustainability efforts, ensuring a smooth and convenient experience. Customers can benefit from the flexibility to set up, modify, or cancel authorisations electronically as needed, with the option to schedule payments at different intervals.
The E-mandate for direct debit service represents a solution aimed at improving operations and increasing efficiency through automations, managing cash flows, and maintaining liquidity more efficiently through easy setup. Companies can automate recurring payments, including payroll disbursements, rent payments, subscriptions, and other expenses. This service offers a modern banking experience that enhances efficiency in financial management.
Commenting on the service, Mr. Mohammed Iqbal Al Balushi, Assistant General Manager of Operations at Bank Nizwa, stated: “The E-mandate service for Direct Debit reflects our ongoing commitment to driving digital innovation in the Islamic banking sector and providing flexible, secure financial solutions that meet our customers’ expectations. It also comes in response to the rapidly increasing demand for automated payment services, particularly in light of the digital transformation underway in the Sultanate’s banking sector. The launch of this service marks an important step in empowering our customers with a secure and convenient solution to manage their recurring financial obligations, without relying on paper-based or traditional mandates. This contributes to enhancing efficiency and reliability, promoting digital transformation in the financial sector, reducing operational costs and the use of checks, and minimising transaction processing time – all of which help reduce risks and errors and increase the speed of fund transfers between various parties.”
The E-mandate service provides a secure digital approval process that enables customers to create and authorize mandates, as well as modify or cancel them easily through the bank’s digital platforms. This ensures smooth and scheduled payment transactions without the need for manual follow-up.
Bank Nizwa continues to integrate a comprehensive range of innovative digital solutions designed to enhance customer experience, convenience, and ease of access to its services. With its continued focus on strengthening digital offerings, the bank is reinforcing its position as the preferred banking partner for both individual and corporate customers, while solidifying its leading role in the digital transformation of Islamic banking services.
