An agreement has been signed by Bank Nizwa, a prominent Islamic bank in the Sultanate of Oman, and Network International LLC (Network), a leading facilitator of digital commerce in the Middle East and Africa, to support and improve the Bank’s compliance initiatives for its online banking clients.
In order to further improve its compliance delivery capabilities for its digital banking clients, Network International will provide Bank Nizwa with enterprise fraud protection solutions and technologies as part of this partnership.
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Network International, Bank Nizwa express optimism on the partnership
Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, said: “We are excited to partner with Bank Nizwa and bolster their transformation objectives. As the global finance industry continues to digitise and find new ways to enhance customer experience, security and seamlessness will become increasingly integral to operations. In this regard, our partnership will empower Bank Nizwa to strengthen its offerings to its digital banking clientele, boosting trust and satisfaction whilst ensuring adherence and enhancement of their compliance standards.”
Mohammed Al Hashmi, Chief Compliance Officer at Bank Nizwa, said: “As we continue our journey towards transformation, we are focused on redefining the banking experience in Oman’s rapidly evolving financial landscape. With consumer needs shifting towards greater convenience, security, and accessibility, our collaboration with Network International will set a new benchmark in ethical banking, in alignment with Oman’s digital future and larger economic goals in addition to serving via conventional banking services.”
This collaboration strengthens Network’s will to increase its footprint throughout the region and marks an important turning point in the company’s growth into the Sultanate of Oman and the larger GCC market.
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About Network International
For more than 30 years, Network International has provided its clients with cutting-edge solutions that increase revenue and profitability while facilitating payments and commerce to support the growth of economies and businesses.
It has developed into the biggest acquirer in the United Arab Emirates and the primary facilitator of digital commerce in the Middle East and Africa (MEA) region. It offers a comprehensive range of payment services and solutions that are at the forefront of technological advancement.
About Bank Nizwa
Bank Nizwa is the first Islamic bank in Oman, offering services and products that are completely compliant with Shari’a.
The Central Bank of Oman (CBO) licence and the Banking Law, which was issued by Royal Decree No. 114/2000, both require the Bank to provide a full range of commercial banking services.
The bank began operations in January 2013 and currently offers corporations, government agencies, small and medium-sized businesses, and individuals a comprehensive variety of financial options.
With cutting-edge banking software and processes, Bank Nizwa is able to provide its clients with the greatest Islamic banking experience possible. With 23 locations now, the bank plans to significantly extend its branch network over the next five years as part of its strategic growth plan.