Transparency urged in bank fees on epayments in Oman

Muscat: The members of the Economic and Financial Committee of the Shura Council emphasised the need for transparency regarding the fees imposed on electronic payment transactions at a meeting on Tuesday.

During the meeting with a number of officials from the Central Bank of Oman (CBO), they also discussed the fees imposed by the bank on shop owners for electronic payment services.

The committee also pointed out the necessity of continuously developing the electronic payment system to facilitate business processes, which would positively impact the development of various commercial activities and contribute to economic prosperity in the Sultanate of Oman.

The meeting was held as part of the second meeting of the second annual session (2024-2025), chaired by Ahmed Said Al-Sharqi, head of the Economic Committee, and in the presence of their Excellencies members of the committee.

The meeting began with a presentation by the Central Bank specialists, during which they discussed the payment system in place in the Sultanate of Oman over the past 20 years. The presentation highlighted the role of the CBO in payment systems and services, as well as key services and systems launched in 2024.

The presentation also covered the evolution of the digital payment system from its inception, the expansion of electronic payment services, the benefits of using electronic payment services for customers, and their objectives. Additionally, the presentation introduced the global IBAN system used in Oman, highlighting its importance and benefits in credit operations.
The discussion then shifted to the modern electronic authorisation system and its role in speeding up and facilitating installment payment processes. The role of electronic services in combating money laundering, tax evasion, and illicit trade was also addressed.

At the end of the presentation, a set of statistics and figures on payment systems from 2022 to October 2024 was shared, showing the volume of transactions through retail payment systems, the Real-Time Gross Settlement (RTGS) system, and ongoing transactions within the Omani local network channels.

Following the presentation, an in-depth series of discussions took place between the committee members and the central bank officials. The focus of the discussion was on the fee rates for using banking services within the electronic payment process, the justifications for imposing these fees, and the method of calculating fees for electronic payment services, interchange fees, and fees charged by the CBO.