Visa honours lift Sohar payments push

Sohar International has secured two Visa recognitions in Oman, strengthening its position in a payments market where debit cards, mobile wallets and low-friction checkout tools are becoming central to everyday banking.

The Muscat-listed lender won Fastest-Growing Debit Card Issuer in Oman and Payment Volume Leadership for the second consecutive year, a double award that reflects growth in customer activity, merchant acceptance and total spending across its Visa card portfolio. The recognition also signals that the bank’s payments strategy is moving beyond card issuance towards repeated daily use, a measure that has become more important as banks compete for transaction frequency rather than account numbers alone.

The awards come as Oman’s financial system records a sharp shift towards electronic payments. Local electronic payment gateway transactions reached about RO3.2bn in 2025, up 76.3 per cent from 2024, while the number of transactions rose from around 67mn to more than 168mn. Point-of-sale transactions exceeded RO7.5bn, rising 33.2 per cent, and QR code payments posted the fastest expansion, with transaction numbers up 133.5 per cent and values reaching about RO8mn.

Sohar International’s performance suggests it has benefited from this wider change in consumer behaviour. The bank has been investing in a payments ecosystem built around digital channels, card controls, offers and partnerships intended to push cards into routine use across retail, travel, services and online shopping. Its retail cards suite includes Visa credit cards, prepaid cards and the Maal Domestic Debit Card, while its digital banking channels provide access through mobile, internet, ATM and other remote services.

Abdul Qadir Al Sumali, Chief Retail and Premier Banking Officer at Sohar International, said the recognition reflected “a disciplined execution model” anchored in how customers behave rather than what they are offered. He said the bank had moved beyond a product-led approach to create a payments ecosystem “embedded within the rhythm of everyday life”, with data and consumer behaviour shaping growth in engagement across customer segments.

Nasser Bdeir, Visa’s General Manager and Country Manager in Oman, said Sohar International’s performance showed accelerated growth across the payments ecosystem, supported by strategic investment in digital infrastructure and customer experience. Visa’s continued partnership with the bank has become part of a broader push to extend secure digital payments in Oman at a time when consumers and businesses are adopting cashless channels at greater speed.

The latest awards follow other Visa-linked recognition for Sohar International. The bank was honoured in 2025 for the Highest Growth in Corporate Card Business in Oman, a category tied to corporate Visa card spending growth across local banks. That accolade highlighted the bank’s corporate card solutions, including purchasing, virtual and preloaded cards, and tools designed to give companies stronger visibility and control over expenditure.

Sohar International’s balance sheet provides further context for its growing influence. Its unaudited March 2026 financials show net profit of RO26.1mn, total assets of RO9.638bn, net loans and advances of RO6.516bn and customer deposits of RO7.433bn. The bank reported a return on equity of 10.8 per cent and a loan-to-deposit ratio of 87.7 per cent. At the sector level, listed banks in Oman delivered stronger earnings in the first quarter of 2026, with Sohar International ranking among the largest profit contributors after Bank Muscat.

Competition is also intensifying. Oman’s payments landscape is being reshaped by domestic and international networks, wallet providers, fintechs and regulatory initiatives aimed at lowering transaction costs and expanding financial inclusion. The rollout of mobile wallet services has gathered pace, with Google Pay becoming available to Sohar International customers holding eligible debit, credit and prepaid cards, after Apple Pay and Samsung Pay entered Oman’s market in 2024.

The Central Bank of Oman’s Maal national payment card initiative adds another dimension to the market. Designed to support the digital economy, reduce operating costs, provide technical empowerment and promote financial inclusion, Maal is expected to deepen local payment acceptance while giving banks a domestic instrument alongside international card schemes. For lenders such as Sohar International, the challenge will be to balance global acceptance through Visa with the Sultanate’s push to build a lower-cost local payment infrastructure.