OMAN -- Oman's 11 commercial banks have teamed to provide an ATM network called Oman Switch which is linked to the United Arab Emirates, according to a Gulf News report.
Under an agreement between banks in Oman and the UAE, cardholders will have reciprocal access to ATMs to withdraw cash and make balance inquiries.
"Those who wish to benefit from the merged network will be asked to pay a small fee, but not now," said Hamood bin Sangoor Al Zadjali, executive president of Central Bank of Oman.
Oman International Bank (OIB) has declined the service, saying it has a large number of ATMs. But Al Zadjali said it would be convinced to join the new network following the merger of Shamel and Al Watani.
BankMuscat, Oman Arab Bank, Standard Chartered Bank, Citibank, Habib Bank, National Bank of Abu Dhabi and Bank Melli Iran were the members of Shamel, while National Bank of Oman and HSBC Bank Middle East belonged to Al Watani. They were joined by Bank Dhofar Al Omani Al Fransi.
The Oman Switch will reduce equipment and communication costs, said Al Zadjali.
Abdulrazzaq bin Ali bin Issa, chief executive of BankMuscat, said the creation of Oman Switch was a major breakthrough for the banking sector. "Oman Switch will be linked to the rest of the Gulf networks sooner than later," he said.
