Bank Nizwa, the leading Islamic bank and most trusted in Oman, has partnered with Buna, a cross-border payment system fully owned by the Arab Monetary Fund, to provide its customers with seamless payments in both Arab and international currencies, within a safe, risk-controlled and transparent environment.
Buna currently facilitates payments in four Arab currencies, the UAE Dirham, Saudi Riyal, Jordanian Dinar and Egyptian Pound, as well as two international currencies, the US Dollar and the Euro. It is worth highlighting that Buna is actively working towards expanding its services to include more Arab currencies in the near future.
Through this alliance, Bank Nizwa aims to expand its payment capabilities by leveraging Buna’s digital platform, offering its clients faster, safer and more cost-effective payment solutions. This partnership aligns with Bank Nizwa’s digitalization strategy, which focuses on using digital innovations to deliver cutting-edge financial services and support the economic and financial integration of the Arab region.
“Our partnership with Buna demonstrates Bank Nizwa’s unwavering commitment to driving innovation and digitalization in the financial industry. By leveraging Buna’s state-of-the-art digital platform, we can provide our customers with a seamless cross-border payment experience, whilst also unlocking new avenues for growth and strengthening investment ties with our global trading partners. The collaboration aligns with our digitalization strategy, which focuses on harnessing the latest advancements in payment technology to deliver innovative financial solutions. At Bank Nizwa, we are dedicated to providing innovative and efficient financial services that cater to the unique needs and preferences of the people.”
Mr. Mehdi Manaa, Chief Executive Officer of Buna said that “We are pleased to welcome Bank Nizwa to Buna’s network of participants. This collaboration strengthens our efforts to transform cross-border payments and contributes to economic advancement in the Arab world. We look forward to working closely with Bank Nizwa to provide a seamless cross-border payments experience in the region that brings tangible benefits to banks and their customers.
As customers seek faster and more efficient ways to conduct financial transactions, the digitalization of payment systems is becoming increasingly important in the financial industry. By partnering with Buna, Bank Nizwa is enabling its customers to benefit from the latest advancements in payment technology. Buna’s platform will allow Bank Nizwa to facilitate a wider range of payment services for its clients, including same-day payments, direct debit and multi-currency payments.