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ODB signs membership agreement with OCFIC

ODB signs membership agreement with OCFIC

Muscat: Oman Development Bank (ODB), the Sultanate’s leading development finance institution, became a member of the Oman Credit and Financial Information Centre (OCFIC). Through wish, ODB will share credit and financial data of its customers with The Centre National Databank, a visionary 3 years strategy aimed at improving access to credit to SMEs and introduce digital channels and for offering micro-loans to rural areas to enable financial inclusion in the Sultanate.

The agreement was signed by Dr Abdulaziz bin Mohammad Al Hinai, chief executive officer of the ODB and Aadill bin Khalifa Al Saadi, managing director of the OCFIC.

Khamis bin Hamoud Al Sabahi, head of support operations at the ODB, said that the agreement would give access to the credit data which helps in making decisions for financing by assessing the solvency of those who want to benefit from ODB’s development finance services. This will reduce credit risk and enhancing financial coverage.

He said that the signing of this agreement was as part of ODB’s efforts to increase development financing to support investment in the country. As all credit and lending institutions of the Sultanate of Oman will come under the OCFIC, it will provide financial solvency data about those who are interested in loans.

Khamis Al Sabahi said that this agreement will help in benefitting from the services of the OCFIC. It would reduce credit risk and understand the creditworthiness of individuals and companies. This will help the ODB in expediting the processing of applications for development financing.

Aadil Al Saadi said that the Centre has established a national Databank with membership covering banking, finance companies, specialised government banks, SME funds, telecom, insurance, and audit forms and connecting multiple public registries into a state-of-the-art national databank that is aligned with the Sultanate’s vision 2040. The Centre’s business model of establishing a National Databank has been appraised by international organizations for its visionary and comprehensive strategy.

This agreement will help in accessing accurate data on the capabilities of those who are interested in development finance supported by the government for products and services projects to strengthen national investments in the economic sector.

The OCFIC was established by Royal Decree No. 38/2019 and follows the Central Bank of Oman. It is aimed at developing a central database of credit and financial information at the national level and provide them to its members so that they can take credit-related decisions, and assess the solvency of customers dealing with them.