BankDhofar Enhances Support for SMEs Aligned with Oman Vision 2040

BankDhofar in alignment with Oman Vision 2040 is taking substantial steps to support the Small and Medium Enterprises sector. The bank has significantly enhanced its focus at this sector as it is the backbone of the economy that will boost economic prosperity for the state and individuals alike.

A set of policies and initiatives have been set forward since the launch of the implementation of Oman Vision 2040, to finance these institutions and to ensure their expansion and increase their contribution to the Gross Domestic Product of the Sultanate of Oman, such as raising the capital of the Development Bank and launching the Oman Future Fund.

Various government institutions and private sector establishments seek to encourage young entrepreneurs to establish their small and medium enterprise post-graduation, as they have a major role in achieving economic growth and providing job opportunities for other citizens. This is done by providing financing to them through various banks and financial institutions, and providing technical consultations to avoid the faltering of their projects through the stages of establishment and expansion, as well as enabling their products to be available in local markets by holding various exhibitions and conferences, and supporting emerging companies based on innovation and technology.

Thanks to these continuous efforts from all government and private agencies, the number of micro, small, and medium enterprises increased to 240,000 enterprises by the end of last year 2023, and their numbers may double in the coming years through continuous encouragement of Omani youth venturing to open their own enterprise, and providing them with the necessary tools and support to ensure their existence   It is driving the wheel of the national economy.

BankDhofar’s SME Business Banking account is currently supporting owners of small and medium enterprises by having a specialized bank account. The account provides solutions to meet the day-to-day needs of customers and offers a range of investment solutions, including time deposits and financial products, to help businesses grow and maximize their surplus funds.

The bank also has an innovative SoftPOS system. It is one of the great advantages for entrepreneurs who have a bank account for their company in BankDhofar, as it makes it easy to collect payments from customers via smart devices without the need for a specific device to do it.

In addition, the banks Wage Protection System simplifies the process of paying the staff salaries conveniently as well as facilitating smooth processing of cheque collection and deposit. The Bank extended its working hours in several branches across Sultanate of Oman   to provide specialized services to entrepreneurs.