Oman Investment & Finance Co. (KHEDMAH), one of the leading Investment and Services Company in Oman, has signed a new agreement with ProgressSoft to enhance its Khedmah application with value-added mobile payment services in the Sultanate of Oman. With a presence of over four decades, OIFC is a Joint Stock Organization listed on the Muscat Securities Market (MSM), and has established its reputation as an undisputed leader in Oman in providing services in telecom and utility sectors which cover Billing, Collection & Debt Factoring for Electricity, Water and Telecom Services in the Sultanate.
The move comes after OIFC received an in-principal approval from the Central Bank of Oman to become a Payment Service Provider in the country. The agreement with ProgressSoft enables OIFC to have a technical partner for execution and subsequently launch the much-anticipated Khedmah E-wallet after fulfilling the requirements of CBO and acquiring the final approval.
Using ProgressSoft’s Mobile Payments Platform, Khedmah will develop new systems to offer the existing and new customers of OIFC the ability to conduct numerous financial transactions including bill payments and international remittances, as well as person-to-person, person-to-business and person-to-government money transfers, using their smart phones.
Said Ahmed Safrar, Chief Executive Officer, OIFC, said, “At OIFC, we constantly innovate to provide new, technologically advanced ways for carrying out financial payments, thereby contributing to the national agenda of digitalization. A strategic collaborative approach is at the heart of these efforts, and the partnership with ProgressSoft is a testament to the same. Moving forward, additional value-added financial and non-financial services will be announced with the launch of the new mobile payment platform. We will continue to make the lives of our customers and the people of Oman easy and convenient through hassle-free payment options.”
The platform promises to provide a convenient, cost-efficient and secure alternative to cash and card payment methods, as well as massively contribute to enhancing financial inclusion in Oman.
“Our grand achievement with OIFC is an exemplary model of modernized financial services that meet digital-first demands,” noted ProgressSoft’s Chief Executive Officer, Michael Wakileh, “and it is only the beginning of many more radical milestones in our strategic partnership and aligned vision for successful digital transformation in the Sultanate of Oman.”
After thorough research and analysis, OIFC chose ProgressSoft as the preferred payment solution provider and technology partner for the expansion of Khedmah given its prominent presence in the Omani market and long-standing partnership with the Central Bank of Oman. The launch is scheduled to go-live in the coming months.