The Central Bank of Oman has mandated that the International Bank Account Number (IBAN) must be used for all domestic financial transactions within the country, effective July 1, 2025. This step aims to improve the accuracy and efficiency of payments across Oman’s banking system.
Previously, the Central Bank had required IBAN usage for international transfers starting March 31, 2024. The implementation has since reduced transaction errors and expedited processing times for both local and cross-border payments.
Under the new regulation, while IBAN remains optional for incoming international transactions, it is now compulsory for all payments within Oman to include the recipient’s IBAN.
Banks and financial institutions in the region are advising customers to update their beneficiary details accordingly. For example, Emirates NBD mobile banking users in the UAE have been notified to delete and re-add Omani beneficiaries using IBAN details to ensure smooth transactions, noting a four-hour waiting period for newly added beneficiaries.
The Central Bank of Oman highlights that adopting mandatory IBAN use aligns the nation’s financial infrastructure with global best practices, enhancing security and operational efficiency.
