MUSCAT: In 2023, the Sultanate of Oman has experienced a slight growth in its ATM network, with around 40 new machines introduced across the country compared to the previous year, bringing the total to 1,417.
Even with the increasing use of digital banking platforms, ATMs continue to play a crucial role in the nation's banking framework, ensuring essential access to cash and various financial services.
The 2023 National Payments System Annual Report from the Central Bank of Oman (CBO) indicates that Muscat remains at the forefront of ATM distribution, featuring 565 machines, followed by Al Batinah North with 173 ATMs. Other regions, including Al Dakhiliyah (144) and Dhofar (134), also show a notable presence of ATMs, highlighting local economic activity and population density.
While traditional banking services like ATMs are still vital for many, there is a noticeable trend among Omanis towards embracing digital solutions such as mobile and online banking. These alternatives provide enhanced convenience and flexibility, indicating a gradual evolution in consumer preferences.
The modest increase in ATMs underscores the persistent demand for accessible cash withdrawal options, particularly in economically active areas. Nonetheless, financial institutions are also focused on enhancing their digital banking capabilities to meet the needs of tech-savvy customers.
The Central Bank of Oman (CBO) and various financial institutions are diligently striving to improve banking services and promote financial inclusion throughout the nation. Their initiatives focus on highlighting the advantages of digital banking, enhancing financial literacy, and ensuring that the banking system is flexible enough to cater to the diverse needs of different communities.
As Oman moves towards a more digital economy, ATMs will remain an essential resource for individuals who depend on traditional banking methods, while also supporting the country's increasing focus on electronic financial solutions.
