OIFC’s Khedmah Gains Approval as a Payment Service Provider, Set to Introduce Innovative E-Wallet for Seamless Digital Transactions in Oman

In a significant stride toward fostering digital transformation in Oman’s financial landscape, the Oman Investment and Finance Company (OIFC) has received regulatory approval from the Central Bank of Oman to operate as a Payment Service Provider (PSP) in the Sultanate. This endorsement positions Khedmah, OIFC’s digital payment channel, as one of the most trusted platforms in the country.

With the newly acquired license, Khedmah is poised to introduce groundbreaking digital payment products to the Sultanate’s business environment. Among the innovations is the Khedmah E-Wallet, an advanced payment option designed to enhance the digital payment experience for users, offering a seamless alternative to conventional methods such as cash payments, credit card transactions, or bank transfers.

Commenting on this momentous achievement, Mr. Said Ahmed Safrar, Chief Executive Officer, of OIFC, expressed pride, saying, “We are proud to have obtained this license from the Central Bank of Oman to operate as a payment service provider in the Sultanate. This development reflects our commitment and efforts to enhance our customer’s experience, creating digital payment channels that align with the rapid transformations in the business sector in the Sultanate.”

The license facilitates the launch of Khedmah’s E-Wallet, aptly named “Khedmah Pay,” offering an innovative payment solution for all customers, especially those without traditional bank accounts. This initiative enables individuals to make digital payments seamlessly, eliminating the reliance on physical currency. Details regarding registration steps and operational procedures for the wallet will be unveiled in the upcoming period.

The Central Bank of Oman’s persistent efforts to bolster digital payments are evident in various strategies adopted in recent years. The focus has been on transitioning from cash-dependent transactions to efficient digital payment mechanisms. The Central Bank’s Annual Report for the year 2022 highlights the successful management of the increasing demand for Payment and Settlement Systems (PSS) and the growing use of digital payments through robust infrastructure in the Sultanate.

Continuing these endeavors, the Central Bank is dedicated to enhancing the payment services infrastructure, ensuring secure, reliable, and user-friendly digital payment services. These initiatives align with the broader goal of fostering the widespread adoption of digital payments in Oman.