Tuesday May 2, 2023
Bank Nizwa, the leading Islamic bank and most trusted in Oman, has announced a partnership with Buna, a cross-border payment system fully owned by the Arab Monetary Fund. This collaboration will enable Bank Nizwa to provide its customers with seamless payments in both Arab and international currencies, within a safe, risk-controlled and transparent environment. Buna currently facilitates payments in four Arab currencies; the UAE Dirham, Saudi Riyal, Jordanian Dinar and Egyptian Pound, as well as two international currencies, the US Dollar and the Euro. It is worth highlighting that Buna is actively working towards expanding its services to include more Arab currencies in the near future.
Through this alliance, Bank Nizwa aims to expand its payment capabilities by leveraging Buna's digital platform, offering its clients faster, safer and more cost-effective payment solutions. This partnership aligns with Bank Nizwa's digitalisation strategy, which focuses on using digital innovations to deliver cutting-edge financial services and support the economic and financial integration of the Arab region.
"Our partnership with Buna demonstrates Bank Nizwa's unwavering commitment to driving innovation and digitalisation in the financial industry. By leveraging Buna's state-of-the-art digital platform, we can provide our customers with a seamless cross-border payment experience, whilst also unlocking new avenues for growth and strengthening investment ties with our global trading partners. The collaboration aligns with our digitalisation strategy, which focuses on harnessing the latest advancements in payment technology to deliver innovative financial solutions. At Bank Nizwa, we are dedicated to providing innovative and efficient financial services that cater to the unique needs and preferences of the people," said Mr Khalid Al Kayid, the Chief Executive Officer of Bank Nizwa.
"Bank Nizwa’s pact with Buna also underscores our commitment to supporting the economic and financial integration of the Arab region. By facilitating cross-border payments in Arab and international currencies, we are contributing to the growth and development of the regional economy, whilst also helping our customers expand their businesses and reach new markets. We are excited to embark on this journey with Buna and look forward to exploring different possibilities," Mr Khalid added.
Mehdi Manaa, Chief Executive Officer of Buna said, "We are pleased to welcome Bank Nizwa in Buna's network of participants. This collaboration strengthens our efforts to transform cross-border payments and contributes to the economic advancement in the Arab world. We look forward to working closely with Bank Nizwa to provide a seamless cross-border payments experience in the region that brings tangible benefits to banks and their customers.
He noted, "At this occasion, I would also like to thank the Central Bank of Oman for its continuous support to Buna."
As customers seek faster and more efficient ways to conduct financial transactions, the digitalisation of payment systems is becoming increasingly important in the financial industry. By partnering with Buna, Bank Nizwa is enabling its customers to benefit from the latest advancements in payment technology. Buna's platform will allow Bank Nizwa to facilitate a wider range of payment services for its clients, including same-day payments, direct debit and multi-currency payments.
With 19 branches across Oman, the bank strives to provide one-stop financial services, customer support channels, and Islamic banking services to its customers. As the nation's premier Shari’ah-compliant partner of choice and the propelling force behind Islamic banking in the country and the region, Bank Nizwa has embarked on a digital transformation programme to provide Shari'ah-compliant digital banking services.