MUSCAT: The Central Bank of Oman (CBO) has announced the implementation of the International Bank Account Number (IBAN) system for all domestic transactions starting July 2025. This move aims to enhance the efficiency, accuracy, and security of financial transactions within the country. The IBAN system is a globally recognized standard that helps in minimizing errors in fund transfers, reducing processing time, and improving the overall banking experience for individuals and businesses alike.
With the adoption of IBAN, customers in Oman will be required to use a standardized account number format when making transactions within the country. Banks and financial institutions will provide customers with their unique IBANs, ensuring that transactions are processed smoothly and without delays. The transition is expected to bring Oman’s banking system in line with international best practices, facilitating better compatibility with global financial networks.
CBO has advised all customers to familiarize themselves with their IBANs and update their banking details accordingly. The bank has also emphasized that IBAN implementation will significantly reduce cases of incorrect transfers and enhance the security of domestic transactions. The banking sector has been preparing for this transition, with institutions ensuring that customers receive adequate guidance and support to adapt to the new system.
The introduction of IBAN aligns with Oman’s ongoing efforts to modernize its financial sector and improve digital banking services. CBO has urged individuals and businesses to check with their respective banks regarding IBAN-related queries and ensure a smooth transition before the mandatory adoption in July 2025. The bank has also assured customers that detailed information and assistance will be made available through official banking channels to ensure a seamless implementation process.
