CBO Announces
Implementation of IBAN for Local Financial Transactions

Muscat, 26
Mar (ONA) — As part of its ongoing efforts to enhance the efficiency and
security of financial transactions, the Central Bank of Oman (CBO) announced the
go-live date for implementing the International Bank Account Number (IBAN) on
the domestic financial transactions, as of 1 July 2025.

This
expansion will enhance the efficiency of local payment transactions, minimize
operational errors, and expedite financial transfers between individuals and
businesses. It will also improve the overall customer experience by ensuring
faster and more secure banking transactions.

It is worth noting
that CBO implemented the IBAN system for international transfers on 31 March
2024. This initiative has significantly improved transaction accuracy, reduced
errors, and accelerated processing times for both local and international bank
transfers. Given the success of this implementation, CBO is taking the next
step by discontinuing the acceptance of international transfers that do not
include an IBAN. This measure ensures further alignment with international
standards and best banking practices.

In this
context, CBO has issued directives to local banks to stop receiving
cross-border transfers that do not include IBAN number, as of 1 July 2025. Instead, the use
of IBAN Number will be mandatory for all incoming international transactions.
Banks have been guided to implement an awareness campaigns for their customers
on the importance of using IBAN number and its benefits. It was also stressed
on the need to provide the necessary guidelines to ensure safer and faster
banking experience.The Central Bank of Oman urges all customers to ensure they obtain their IBAN
from their local banks and to use it in all financial transfers to ensure
smooth transaction processing.

—Ends/AG