The Banking Executive Magazine - August 2023 Issue

Bank Nizwa Bank Nizwa UNVEILS NEW SMART CORPORATE DEBIT CARD Bank Nizwa, a leading Islamic bank in Oman, has announced the launch of a first of its kind debit card in the sultanate that caters to the specific needs of corporate and SME clients. In addition, to incorporate end-to- end sustainability in design, these cards are eco-friendly and the wel- come kit is made of seed paper, said a statement from Bank Nizwa. With round-the-clock access to com- pany accounts, smart and customis- able services and the highest levels of transparency in operations, the cards are aimed at making transac- tions more seamless and prompt while reducing the hassles of dealing with cash, it stated. Cardholders can enjoy multiple ben- efits such as cash withdrawals and deposits, secure, contactless pay- ments at Point of Sale (POS) ma- chines and e-commerce platforms and accessibility across a diverse net- work which includes OmanNet and GCCNet as well as Mastercard – In- ternational. Whilst incorporating several innova- tive features, the cards also firmly ad- here to Islamic banking principles, said a top official. On the new cards, Deputy General Manager (Wholesale Banking) Khalid Al Barwani said: "Vigilant and re- sponsive to the evolving demands of the market, Bank Nizwa has been able to identify and address the com- mon challenges encountered by cor- porates when it comes handling transactions and making payments." "The new eco-friendly corporate debit card will help companies to better control and monitor expenses and gain real-time insights into their accounts. For SMEs and other corpo- rates, transparent and accurate ex- pense management that reduces the chances of errors or frauds is a criti- cal factor that contributes to growth," he stated. Al Barwani said Bank Nizwa under- stands the unique needs of its corpo- rate customers and is certain that the newly introduced corporate debit cards would be enhancing its busi- ness efficiency. "As a bank that has been revered for providing exceptional corporate banking services, we will continue to focus on providing shari’ah-compli- ant, customer-centric, and value- added solutions that benefit our clients every step of the way," he added. ISSUE 176 AUGUST 2023 the BANKING EXECUTIVE 29