Central Bank of Oman Mandates IBAN for Domestic Transactions
Banks in Oman have been directed to raise awareness on the benefits of using IBANs for safer and faster transactions.
The Central Bank of Oman (CBO) has announced that the International Bank Account Number (IBAN) will become mandatory for all domestic transactions effective July 1, 2025. This initiative aims to streamline local payment systems, reduce operational errors, and accelerate fund transfers between individuals and businesses, thereby enhancing the overall customer experience.
Following the successful implementation of IBAN for international transactions on March 31, 2024, which resulted in significant improvements in transaction accuracy and processing speed, CBO is discontinuing the acceptance of international transfers without an IBAN.
In line with this development, CBO has directed all local banks to cease accepting cross-border transfers lacking an IBAN as of July 1, 2025. Banks are also instructed to launch awareness campaigns and provide clear guidance to customers on the use and benefits of IBAN to ensure a seamless transition.
CBO urges all customers to obtain their IBANs from their respective banks and to use them in all financial transfers to ensure secure, error-free processing.
