The Central Bank of Oman (CBO) has unveiled a groundbreaking fee structure for “Maal,” the nation’s new consumer debit and prepaid card, marking a significant step towards a more efficient and inclusive national payment system. This initiative is poised to revolutionize digital transactions within the Sultanate, reducing costs for businesses and consumers alike and aligning with Oman’s Vision 2040. The new framework prioritizes accessibility and affordability in the rapidly evolving landscape of Maal card usage.
Introducing the “Maal” Card and its Impact on Oman’s Payment Ecosystem
For years, Oman has been strategically working towards bolstering its financial infrastructure and encouraging the adoption of digital payments. The introduction of “Maal” – meaning wealth in Arabic – is a cornerstone of this plan. It represents a concerted effort to modernize the payment landscape, fostering greater financial inclusion and reducing reliance on cash transactions. The aim is to create a seamless and cost-effective system for all stakeholders, from individual cardholders to large corporations.
Zero Fees for Cardholders: A Core Benefit of the Maal Card
One of the most significant aspects of the new “Maal” card fee structure is the complete waiver of issuance and reissuance fees for customers. This means consumers will have access to a national payment card without incurring initial or ongoing costs. Furthermore, annual fees are also being abolished. This commitment to affordability is central to the CBO’s goal of broadening access to financial services, particularly for underbanked populations. While ATM cash withdrawal and related services will maintain existing CBO regulations, the removal of card-specific fees represents a major benefit for Omani citizens and residents.
Supporting Merchants with Reduced Costs
The benefits of the Maal card extend far beyond consumers. Recognizing the challenges faced by businesses in accepting electronic payments, the CBO has also implemented significant reductions in Merchant Service Fees (MSF). These capped limits are significantly lower than those associated with other card schemes, effectively reducing the cost of doing business for merchants. This is a critical step in encouraging wider acceptance of digital payments across all economic sectors.
Tailored Fee Structures for Diverse Institutions
Acknowledging the varying scales and roles of different organizations, the CBO has implemented a nuanced fee structure. Government entities will benefit from even lower MSF caps, reflecting their public service function. Money exchange and remittance companies will be subject to fixed fees, offering predictability and clarity. Importantly, Small and Medium Enterprises (SMEs) holding the “Riyada” card issued by the SMEs Development Authority will receive preferential rates, demonstrating support for this vital economic segment.
Charitable organizations accepting donations (zakat, sadaqat, and general contributions) are fully exempt from all fees, ensuring that vital social programs are not burdened by payment processing costs. This illustrates a holistic approach to supporting both economic growth and societal well-being through the Maal card implementation.
OmanNet Infrastructure and the Future of Digital Payments
Underpinning the “Maal” card is the OmanNet infrastructure, a nationally managed payment system designed for efficiency and cost-effectiveness. During the initial phase of launch, there will be no fees imposed on banks and PSPs for utilizing OmanNet to issue and process “Maal” transactions. This incentivizes the rapid adoption of the new system and further reduces overall costs throughout the payment chain. This streamlined process ultimately supports innovation and diversity within Oman’s blossoming digital financial services sector, pushing forward the broader aim of digital transformation within the country.
Pilot Launch and Rollout Timeline
The pilot launch of the “Maal” card is slated for November 20, 2025, coinciding with Oman’s National Day. During this initial phase, a significant portion of ATMs and e-commerce payment gateways will be enabled to process “Maal” transactions. While some Point-of-Sale (POS) terminals may not be immediately compatible as banks continue updating their systems, the rollout will prioritize high-traffic locations and frequently used devices.
Several banks are preparing to announce the availability of the “Maal” card to their customers shortly, with broader issuance and acceptance expanding progressively in the months following the pilot launch. A phased implementation approach ensures a smooth transition and allows for the necessary infrastructure adjustments.
A Step Towards Oman Vision 2040
The launch of the “Maal” card and its favorable fee structure are directly aligned with the objectives of Oman Vision 2040 – a national strategy focused on building a sustainable and inclusive digital economy. By reducing payment acceptance costs for merchants (by up to 50% compared to other cards), fostering financial inclusion and driving the adoption of digital payments, the “Maal” card is poised to accelerate the shift away from cash and unlock new opportunities for economic growth and financial inclusion across the Sultanate. This initiative demonstrates the CBO’s long-term commitment to a modern, efficient, and accessible financial system for all Omanis.
