Driven by their shared belief in the importance of cooperation and strategic partnerships to support digital transformation and enhance the efficiency of the financial sector, the Development Bank and Bank Muscat have signed a cooperation agreement under which the Development Bank will benefit from Bank Muscat’s Electronic Mandate service, launched as part of its Application Programming Interface (API) services. This step aims to develop a more efficient and seamless payment collection mechanisms for Development Bank’s beneficiaries.
The agreement was signed by Hussain bin Ali Al Lawati, Chief Executive Officer, on behalf of Development Bank and by Ilham Murtadha Al Hamaid, General Manager, Corporate Banking, on behalf of Bank Muscat in the presence of a number of officials from both sides.
This agreement comes as part of Bank Muscat’s ongoing efforts to deliver advanced digital banking solutions that support its partners from both the public and private sectors, keep pace with digital transformation requirements, and strengthen financial systems integration. The Electronic Mandate service will enable the Development Bank to automate the collection of monthly instalments from its beneficiaries, contributing to improved operational efficiency, reduced manual procedures, and an enhanced customer experience.
The Development Bank is among the leading institutions in financing projects that add real value to national development and contribute to the creation of new employment opportunities for citizens. The Bank offers a wide range of credit facilities to small and medium enterprises (SMEs), micro-enterprises, and other sectors that support the national economy.
On this occasion, Hussain bin Ali Al Lawati, CEO of Development Bank, said: “This is a practical improvement to an everyday process. Through this collaboration, E-Mandate replaces paperwork with secure digital authorisation, reduces delays caused by manual handling and gives clients a clear record of what has been paid and when. With this strategic partnership with Bank Muscat, we are making repayments simpler for businesses in line with the Central Bank of Oman’s guidelines to limit the use of checks.”
Ilham Murtadha Al Hamaid General Manager, Corporate Banking at Bank Muscat, stated: “We are proud of this partnership with the Development Bank, which underscores our commitment to leveraging our digital banking and API capabilities to deliver innovative solutions that support our strategic partners. This collaboration with the Development Bank reflects our dedication to supporting national institutions with effective solutions that enhance operational efficiency and advance digital transformation, further reinforcing the Bank leadership in technology and innovation as we continue to deliver superior, value-added solutions that place the customer at the heart of everything we do”.
E-mandate for direct debit transactions solution operates on a one-time mandate basis replacing the physical direct debit Mandate, where customers may authorize a direct debit order to the beneficiary to pay their dues, whether of fixed or variable value, for a pre-specified period. The adoption of E-Mandate services is closely aligned with the Central Bank of Oman’s directive to reduce the use of physical payment instruments, promote digital alternatives, and support financial inclusion.
The solution also contributes to the broader national transformation goals outlined in Oman Vision 2040, especially in fostering a digitally-driven economy. Bank Muscat offers e-mandate services through Internet Banking platform and through its API Banking services. E-mandate services through API services deliver a scalable and secure collection solution designed for large organizations. This integration enables automated, high-volume collections while enhancing efficiency, control and customer experience.
Through the digital solutions it offers, Bank Muscat continues to expand the scope of cooperation with a number of government and private entities across the Sultanate. This service has witnessed growing demand from various institutions seeking to develop automated collection processes and strengthen digital integration, thereby supporting business efficiency and elevating beneficiary experience through secure and reliable banking solutions.
Over the past period, Bank Muscat has further strengthened its presence in the banking and financial landscape by receiving numerous awards that affirm its leadership in the Omani banking sector. These include the Best Bank for Digital Solutions Award at the Euromoney Awards for Excellence, the Gold Award for Innovation in Digital Channels at the Infosys Innovation Awards 2025, the Best Corporate Banking Services Provider in Oman Award from World Business Outlook, in addition to the Excellence in Corporate Banking Services Award from International Business magazine.
