The second-largest bank in Oman in terms of branch network, Bank Dhofar has demonstrated a commitment to enhancing accessibility and delivering a comprehensive suite of banking services tailored to meet the evolving needs of its diverse customer base.
This has led to the bank undergoing a sizeable transformation in recent years, both in terms of growing its branch network and utilizing innovative technology to streamline internal processes and enhance the customer experience.
The bank expanded its footprint by opening more than 40 new branches in the last two years and invested heavily in digital banking solutions, being among the first in the sultanate to introduce Apple Pay and Samsung Pay, as well as Easy Biz, a digital collections and settlement platform for enterprises.
“In the past two years, we have doubled our branch network, recognizing that banking must be both physical and digital (phygital). While mobile banking is highly popular for daily transactions, the culture in Oman values personal interactions,” said Karumathil Gopakumar, acting CEO of Bank Dhofar.
“Many customers still prefer visiting branches to engage with relationship managers and discuss their financial needs. Our phygital approach ensures we meet these diverse preferences while expanding our reach.
“We have implemented several initiatives to enhance the customer experience. Our customer relationship management system, integrated with all branches, links debit card check-ins to customer profiles, allowing tellers and personal bankers to identify and assist clients instantly. We are now upgrading this system for our premier banking relationship managers.
“Additionally, we launched Knowledge Hub over a year ago, providing employees with on-demand training and resources. Accessible from any branch or head office, it helps staff stay informed and improve service efficiency.”
Bank Dhofar has also introduced a host of tailored solutions aimed at empowering small and midsize enterprises in the sultanate. “We were the first bank in Oman to introduce soft point of sale, turning mobile phones into payment terminals without the need for extra hardware,” Gopakumar said.
“Many taxi drivers now use Bank Dhofar’s soft POS for seamless transactions. We offer the same solution to SMEs, enabling them to accept card payments conveniently, especially for deliveries. Our services are also tailored to meet the pricing and operational needs of SME.”
Another area of focus for the bank is leveraging its financial strength, which includes $12.19 billion in total assets, to drive further growth and innovation across the country’s banking sector.
“We are investing heavily in digital banking, including mobile and internet services. On the corporate side, Oman is set for significant expansion, with its post-COVID credit rating upgraded to investment grade and substantial government investment in forward-looking projects, particularly renewables like hydrogen power,” Gopakumar said.
“Over the next five to 10 years, billions will be invested in these sectors, along with major infrastructure developments such as ports. As a leading bank, we aim to play a key role in financing these initiatives.
“In investment banking, we anticipate increased foreign direct investment and the entry of international companies into Oman. We actively seek partnerships to support foreign investors in project finance and business expansion.”
With increased foreign interest in the many projects taking place across Oman, Bank Dhofar also hopes to form relationships with financial institutions in countries around the globe, in particular with those in Japan.
“Oman and Japan share a long, strong relationship, with iconic Japanese brands highly valued here in the sultanate. At Bank Dhofar, we welcome collaborations with Japanese banks looking to do business in Oman and invite them to consider us as their local partner. We are also open to exploring strategic partnerships for deeper cooperation,” Gopakumar said.
The partnership between Oman and Japan has grown significantly over the years, particularly in trade and investment, and Sheikh Faisal bin Abdullah al Rawas, chairman of the Oman Chamber of Commerce, is confident that the partnership between the two countries will expand into new sectors.
“In recent years, the economic ties between Oman and Japan have witnessed notable growth in trade exchange. We believe this will continue to grow and expand into areas such as automotive trade, space, medical equipment, metals, agriculture and heavy industries,” al Rawas said.
“These sectors present promising opportunities to develop the partnership further, achieving mutual aspirations for progress and prosperity while ensuring the sustainability of economic relations between Oman and Japan.
“Both nations align on several interests, particularly in achieving net-zero carbon emissions. There are significant opportunities for cooperation in renewable energy, the circular economy, information technology and green infrastructure,” al Rawas said.
The many economic opportunities available will be highlighted later this year at the Osaka Expo, where the OCCI will highlight the country’s attractive investment climate.
“Expo 2025 offers Oman an opportunity to showcase its global achievements and innovations while introducing new projects and collaborative opportunities that support sustainable development goals,” al Rawas said.
“Through this event, Oman reaffirms its commitment to enhancing its global presence and expanding avenues for international cooperation.”
Commenting on the importance of Oman’s participation in the expo for strengthening its partnership with Japan, Jota Yamamoto, the ambassador of Japan to Oman, said: “I’m impressed by the very proactive engagement of Oman in Expo 2025.
“As many ministries and agencies are members of the Omani National Committee on the expo, this event will surely expand and diversify the scope of business cooperation between the two countries.”
https://info.japantimes.co.jp/international-reports/pdf/20250625B-GI_Oman.pdf
https://global-insight.net/
