National Bank of Oman (NBO) has entered into a partnership with Zumr, an innovative Rotating Savings and Credit Association (ROSCA) platform, marking a significant step towards transforming traditional savings and lending systems by harnessing the power of digital solutions and incentivized saving plans.
Under this collaboration, NBO will serve as the custodian bank for Zumr, cementing its position as a leader in fostering partnerships within the fintech sector.
Mohammed Yahya Al Jabri, Assistant General Manager – Head of Global Transaction Banking at NBO, said that the National Bank of Oman is committed to fostering partnerships that drive fintech innovation and support the growth of local businesses.
“Our association with Zumr underscores this dedication as we continue to contribute to Oman’s digital transformation journey. This strategic alliance is poised to reshape Oman’s financial technology landscape and aligns with our ongoing mission to redefine banking experiences and enhance access to financial services nationwide. Through the implementation of innovative solutions and collaborative efforts, we look forward to delivering tangible, positive impacts to our customers and the broader community,” Al Jabri added.
As the custodian bank for Zumr, NBO solidifies its dedication to innovation, empowering SMEs, and promoting financial inclusion. Leveraging its expertise in digital banking solutions, NBO will provide Zumr with essential services such as corporate Internet banking, facilitating seamless day-to-day operations.
Shamsa Al Salmi, Co-founder, and CEO of Zumr, stated that, “Zumr is excited to join forces with NBO, a leader in fintech partnerships. This collaboration not only strengthens our position in the market but also accelerates our mission to democratize access to financial services across Oman.”
“Through our open and closed money circle solutions, we are reshaping financial inclusion, ensuring that everyone has the opportunity to thrive in Oman’s evolving economy. With NBO’s vast experience and resources, we are well-positioned to empower more individuals and businesses, fostering economic growth and prosperity for our nation,” noted Al Salmi.
