Oman's payment infrastructure has undergone a systematic overhaul that deserves more attention than it gets. The Central Bank of Oman (CBO) has replaced its RTGS with a 24/7 ISO 20022 system, was the first Gulf state to launch a centrally sponsored mobile payment clearing system, and in November 2025 introduced a national card scheme with the most accelerated fee structure in the GCC. This guide covers the complete stack.

RTGS - Real-Time Gross Settlement

The CBO first launched its RTGS on 28 September 2005 as part of the national "Electronic Oman" project. On 18 June 2023, that system was entirely replaced with a new-generation RTGS built on CMA's RTS/X platform (the same Swedish vendor used by several Nordic central banks).

Key characteristics of the new RTGS: Operates 24/7 including weekends and holidays - one of few RTGS systems globally with continuous availability Native ISO 20022 messaging standard Multi-currency support Advanced gridlock resolution mechanism to reduce settlement risk Real-time liquidity management monitoring for all participants

First day of operation: On 18 June 2023, the new system settled 3,147 transactions worth more than OMR 409 million (approximately USD 1.06 billion).

Participants: The Ministry of Finance, all commercial banks operating in Oman, the Muscat Clearing and Depository Company (MCD), and the CBO itself. The RTGS also settles the net positions produced by the Electronic Cheque Clearing (ECC) system and the ACH.

Regional integration: The new RTGS was designed from the outset to integrate with AFAQ (the GCC cross-border payment system) and Buna (the Arab Regional Cross-Border Payment System), with the Omani rial included as a Buna settlement currency.

ACH - Automated Clearing House

The CBO redesigned and relaunched its Automated Clearing House on 18 November 2017, replacing the original batch clearing system.

Services: The ACH handles three types of transactions: Direct credit transfers (salary payments, supplier payments) Direct debit (utility bills, recurring payments) Wages Protection System (WPS) - operated in collaboration with the Ministry of Manpower to ensure timely salary disbursement for private-sector workers

Volumes: In 2024, the ACH processed 31.7 million transactions valued at OMR 15.9 billion (USD 41.3 billion), up from 21.8 million transactions in 2023 - a 45% increase in volume.

Availability: 24/7 operations.

Settlement: Net positions are settled through the RTGS.

ECC - Electronic Cheque Clearing

Oman's cheque clearing system uses image-based exchange, allowing participating institutions to present and clear cheques electronically without physical transport.

Availability: Business hours only, reflecting the declining but still present role of cheques in Oman's payment mix.

Settlement: Net positions settle via the RTGS.

MP-Clear (MPCSS) - Mobile Payment Clearing and Switching

Oman was the first GCC country to implement a mobile payment clearing and switching system under direct central bank sponsorship. MP-Clear launched on 18 November 2020, timed to Oman's 49th National Day.

Technology: Built on ProgressSoft's PS-mpClear platform.

Availability: 24/7/365.

How it works: Users can send and receive instant payments via mobile phone number, alias name, or QR code. The system is interoperable across all bank and PSP mobile applications in Oman.

Transaction types supported: P2P (person-to-person), P2B (person-to-business), P2G (person-to-government), P2M (person-to-merchant), B2P (business-to-person), G2P (government-to-person), and B2B (business-to-business).

Significance: MP-Clear effectively serves as Oman's instant payment system, providing the real-time retail payment layer that complements the RTGS and ACH. By routing all transactions through CBO infrastructure, the system ensures interoperability that would not exist if each bank operated independently.

OmanNet Switch - Card and Payment Infrastructure

OmanNet is Oman's domestic card switch, launched in 2010 for ATM transactions and since expanded to become an integrated payment engine covering ATMs, POS terminals, e-commerce, and online government services.

Role: OmanNet acquires, authenticates, routes, switches, and authorises financial transactions across multiple channels. All debit cards issued by banks in Oman carry the OmanNet brand.

Interoperability: OmanNet is linked to the GCC Net switch for regional ATM and POS interoperability across Gulf states.

Maal backbone: OmanNet now serves as the processing and switching infrastructure for the Maal national card scheme (see below).

Maal - National Payment Card Scheme

Maal is Oman's homegrown national payment card, launched in a pilot on 20 November 2025 to coincide with Oman's National Day. It represents the CBO's most visible push toward payment sovereignty.

Card types: Debit and prepaid cards. Credit card variants are expected in subsequent phases.

Channels: ATMs, cash deposit machines (CDMs), POS terminals, e-commerce platforms, and online government services.

First issuing banks: Bank Muscat, Sohar International, Oman Arab Bank, and Bank Dhofar.

Fee structure (announced November 2025): Zero consumer fees: Full exemption from card issuance, reissuance, and annual fees Merchant fees: Capped Merchant Service Fee (MSF) up to 50% lower than international card schemes Government entities: Lower capped rates SMEs: Preferential rates via "Riyada" cards Charitable organisations: Full exemption on zakat, sadaqat, and donations Infrastructure fees: No fees during the initial phase for banks and PSPs using OmanNet infrastructure

Regional context: Maal follows the GCC trend of national card schemes - Saudi Arabia (mada, launched 2015), UAE (Jaywan, announced 2024), Qatar (Himyan), and Kuwait (KNET domestic scheme). The explicit goal is reducing dependence on Visa and Mastercard for domestic transactions while keeping interchange revenue within the national economy.

Cross-Border Connectivity

AFAQ: The CBO has onboarded to the Gulf Payments Company's AFAQ system for cross-border real-time payments across GCC currencies. As of November 2024, 57 banks across six GCC states had joined AFAQ.

Buna: The National Bank of Oman (NBO) partnered with the Arab Monetary Fund's Buna platform in 2025, facilitating cross-border credit transfers and remittances across the wider Arab region. The Omani rial is included as a settlement currency.

Regulatory Framework

National Payment Systems Law (Royal Decree 8/2018): Enacted in 2018 with 76 articles across 11 chapters. Covers oversight and supervision of payment systems, finality of payments, payer and payee rights, electronic money regulation, and licensing requirements for PSPs, system operators, and settlement agents.

New Banking Law (Royal Decree 2/2025): Took effect 1 January 2025, replacing the previous 2000-era Banking Law. Significantly strengthens governance, supervision, and financial stability provisions.

IBAN mandate: Effective 1 July 2025, IBAN became mandatory for all domestic financial transfers in Oman.

Digital banks framework (Decision 25/2025): Issued 1 June 2025. Two tiers - Category 1 (unrestricted banking, OMR 30 million minimum capital) and Category 2 (restricted activities, OMR 10 million minimum capital).

Open banking: The CBO approved an open banking regulatory framework in early 2025, enabling API-based data sharing and payment initiation.

Fintech licensing: In 2025 alone, 16 new fintech licences were approved with 52 additional applications under review - the most rapid pace of fintech authorisation in Oman's history.

What Practitioners Should Know

For treasury teams routing payments to Oman: The 24/7 RTGS on ISO 20022 means same-day settlement is available at any time, removing the time-zone friction that affects many Middle Eastern corridors. SWIFT connectivity is maintained alongside the RTGS for international traffic.

For card acquirers and PSPs: The Maal scheme's accelerated fee structure will reshape the domestic acquiring market. If merchant fees are genuinely 50% below Visa and Mastercard, merchants will have a strong incentive to steer transactions to Maal - particularly for domestic purchases.

For compliance teams: The 2025 Banking Law and Digital Banks Framework represent a significant uplift in regulatory requirements. Foreign firms operating in Oman should review their compliance posture against the new regime.

For cross-border payment providers: Oman's dual connectivity to AFAQ (GCC currencies) and Buna (wider Arab region) makes it one of the better-connected MENA markets for multi-lateral cross-border instant payments.

Sources: Central Bank of Oman - Payment System Development and Regulation; CMA - CBO Launches 24/7 RTGS (June 2023); ProgressSoft - Oman Launches MP-Clear Mobile Payment System; Oman News Agency - CBO Approved Fee Structure for Maal (November 2025); Times of Oman - CBO Joins AFAQ Cross-Border Payment System; National Bank of Oman Partners with Buna; Oman Observer - Digital Payment Transactions See Strong Growth (2024).