Mobile Payments in Oman Jumped 317% in One Year. Here Is What Built That Number.

Not long ago, managing money in Oman almost always meant going somewhere: a branch, a queue, a pay point. That changed last year at a speed that caught even regulators' attention.

Key Takeaways

• Mobile payment transactions jumped 317% in a single year, from 40.6 million in 2023 to 169.5 million in 2024, according to the Central Bank of Oman 2024 annual report.
• Transaction value tripled in the same period, from RO 1.72 billion to RO 5.56 billion.
• Active fintech firms grew from 26 to 42 in twelve months; 16 new licenses were issued in 2025, with 52 more applications under review.
• The Central Bank of Oman issued its first regulatory framework for fully digital banks on 1 June 2025, opening the door to mobile-only banking with no physical branches.
• Oman's fintech market is estimated to reach $2.8 billion by end of 2025, at around 16% annual growth.

The Jump That Started the Story

The Central Bank of Oman's 2024 annual report is straightforward about the scale of what happened. Mobile payments processed through the national switch system hit 169.5 million transactions last year, up from 40.6 million in 2023. The total value of those transactions climbed from RO 1.72 billion to RO 5.56 billion in twelve months.

A 317% increase in transaction volume in a single year is not a trend. It is a reset. It did not happen because Omanis suddenly picked up their phones. It happened because the infrastructure, the rules, and the competitive landscape all shifted at roughly the same time.

The story of how Oman moved away from physical cash has been tracked here before. The earlier piece on the 168 million digital transaction milestone covered the consumer behavior side of that change. This article covers what came next: the firms being licensed, the regulatory framework that made digital banks possible, and the services that are still arriving.

From 26 Firms to 42 in Twelve Months

Oman's licensed fintech sector effectively doubled in the space of a year. Active firms rose from 26 to 42, with the Central Bank of Oman approving 16 new licenses in 2025 alone. A further 52 applications are currently under review.

The largest share of those firms works in payments, which is where the volume numbers are most visible. But the count also includes new entrants in digital lending, international remittances, personal finance management, and insurance technology. Regulated products that were simply unavailable in Oman's financial system just a few years ago are arriving in the market now.

Oman's fintech market is estimated to reach $2.8 billion by end of 2025, growing at approximately 16% annually, according to figures cited by the SAMENA Council. With 52 applications still pending CBO review, that pace shows no sign of slowing.

What a Bank Without Branches Actually Means

On 1 June 2025, the Central Bank of Oman issued its regulatory framework for fully digital banks, a framework with no equivalent in Oman's previous financial rules. Under it, licensed institutions can offer current accounts, savings products, and personal lending entirely through mobile applications, with no physical branches and no ATMs required.

The framework creates two categories of license. Category 1 covers full banking operations and requires minimum paid-up capital of OR 30 million. Category 2 allows more limited operations with a lower minimum of OR 10 million, making it more accessible to newer entrants targeting specific segments of the market. Both categories are exempt from certain restrictions for their first two years of operation.

For younger, urban Omanis, this opens real competition for their deposits and puts pressure on fees for routine transfers. For residents outside Muscat Governorate, the effect is more direct. Banking infrastructure in Oman has historically been concentrated in the capital. A licensed bank that operates entirely over the internet serves every governorate on equal terms.

Running alongside this is the open banking framework, which the CBO put out for stakeholder consultation in mid-2024. When it takes effect, it will allow third-party apps to connect securely to existing bank accounts, with customer permission, unlocking a generation of budgeting, savings, and investment tools that currently sit out of reach for most retail customers.

How This Compares to the UAE

The UAE is further ahead. DIFC Fintech Hive and Abu Dhabi Global Market have attracted global players, digital-native banks are operating at scale, and UAE residents have had mobile-only account access for several years. Dubai built its financial infrastructure for internationally mobile professionals and the capital they bring with them.

Oman's approach has a different orientation. The CBO's digital bank framework was designed with financial inclusion as an explicit goal, not just financial innovation. The priority is making services available to Omani residents across all governorates, not creating the most competitive hub for foreign fintech capital. That distinction shapes which services get built first and who benefits earliest. It is a quieter ambition than Dubai's, and arguably a more durable one for a country whose Vision 2040 is built around its own citizens.

Who Is Building This, and With What

The Central Bank of Oman controls the payment infrastructure, digital bank licensing, and the clearing switch that processed those 169.5 million transactions. The MTCIT runs the National Digital Economy Program, covering broadband rollout, cybersecurity, and the technology environment that fintech firms depend on. The Vision 2040 annual progress report tracks digital financial services as a component of the non-oil economy diversification target.

In June 2026, Omantel launched OTech, consolidating the group's data centres, cloud computing, AI, and cybersecurity assets under one platform. Growing fintech firms need locally hosted cloud infrastructure and data residency compliance. OTech provides that infrastructure layer for companies that must keep data within the Sultanate of Oman.

Why This Matters for Ordinary Omanis

If you are a young Omani starting your working life, the changes mean your salary, savings, and credit history will increasingly be manageable from a phone, with more providers competing for your business and fees under pressure as that competition grows.

If you live outside Muscat, digital banks mean access to the same financial services as residents in the capital, without a branch visit or a long drive.

If you send money to family in another country, more licensed remittance players in Oman means more competition on rates and transfer speeds.

And if you run a small business, the fintech wave now building in Oman brings micro-lending, digital invoicing, and payment acceptance tools that were previously only accessible to companies with established bank relationships. That gap is closing.