Bank Nizwa and Buna to offer multi-currency cross-border payments

Wednesday 10 May 2023 08:46 CET | News

Oman-based Bank Nizwa has formed a collaboration with Buna, a cross-border payment system owned by the Arab Monetary Fund.


The collaboration will enable the bank to provide its customers with seamless payments in both Arab and international currencies, within a safe, risk-controlled, and transparent environment.

Oman-based Bank Nizwa has formed a collaboration with Buna, a cross-border payment system owned by the Arab Monetary Fund.

Officials from Buna said that they are pleased to welcome Bank Nizwa in Buna’s network of participants. This collaboration strengthens their efforts to transform cross-border payments and contributes to the economic advancement in the Arab world. They look forward to working closely with Bank Nizwa to provide a seamless cross-border payments experience in the region that brings tangible benefits to banks and their customers.

Expanding payment capabilities

Buna currently facilitates payments in four Arab currencies: the UAE Dirham, Saudi Riyal, Jordanian Dinar, and Egyptian Pound, as well as two international currencies, the US Dollar and the Euro.

Bank Nizwa aims to expand its payment capabilities by leveraging Buna’s digital platform. By partnering with Buna, it is enabling its customers to benefit from the latest advancements in payment technology. Buna’s platform will allow the Bank to facilitate a wider range of payment services for its clients, including same-day payments, direct debit, and multi-currency payments.

As executives from Bank Nizwa say, by leveraging Buna’s digital platform, they can provide their customers with a seamless cross-border payment experience, whilst also unlocking new avenues for growth and strengthening investment ties with their global trading partners. The collaboration aligns with their digitalisation strategy, which focuses on harnessing the latest advancements in payment technology to deliver innovative financial solutions. At Bank Nizwa, they are dedicated to providing innovative and efficient financial services that cater to the unique needs and preferences of the people.

Previous announcements from Bank Nizwa

In July 2020, the bank has extended its partnership with Mastercard for digital payments in Oman. Through this collaboration, Bank Nizwa has introduced new payment solutions for its customers. 

Bank Nizwa offers an array of debit card options for its customers to ensure they can access their accounts whenever and from wherever they need to. According to their varying needs, customers can choose between Value Banking, Special Banking, Privilege Banking, Ladies Banking Account, Youth Banking Account, and Wealth Management. Bank Nizwa also offers Sharia-compliant credit card facilities to its customers. Customers can opt between Basic, Standard, Gold, and Platinum credit cards.

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Keywords: cross-border payments, partnership, banking, risk management, MasterCard
Categories: Payments & Commerce
Companies: Bank Nizwa, Buna
Countries: Egypt, Jordan, Saudi Arabia, United Arab Emirates
This article is part of category

Payments & Commerce

Bank Nizwa



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