MUSCAT: The Central Bank of Oman (CBO) has announced that stronger financial discipline among individuals and businesses, combined with wider adoption of digital payment systems, has driven a noticeable decline in dishonoured payments across the Sultanate. This trend highlights the growing maturity of Oman’s banking sector and the success of initiatives promoting responsible financial behavior.
CBO officials stated that improvements in risk assessment, credit monitoring, and the enforcement of payment obligations have also contributed to the reduction. Enhanced regulatory frameworks have strengthened accountability, making it harder for delayed or bounced payments to go unnoticed.
The rapid spread of digital banking and fintech solutions in Oman has further accelerated the shift toward more reliable and traceable transactions. Mobile wallets, online transfers, and real-time payment platforms are reducing dependence on paper-based instruments like cheques, which historically had higher default rates.
Economists view the decline in dishonoured payments as a positive sign for Oman’s financial stability and investor confidence. They note that sustained digital adoption and prudent credit practices will be key to maintaining this momentum and supporting the country’s broader economic diversification goals.
